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<h1>Client account and audit obligations: portfolio managers must maintain client-wise accounts and ensure annual independent audits.</h1> Portfolio managers must maintain separate client-wise accounts, account for all client funds, investments, credits, debits and tax deducted at source, and have books audited annually by a qualified auditor with a certificate submitted to the Board if specified. Portfolio accounts must be audited annually by an independent chartered accountant with the certificate provided to the client; clients may appoint their own chartered accountant to audit their transactions and the portfolio manager must cooperate.