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of <h1>SEBI Circular Enforces Client Fund Segregation, Equitable Treatment, and Automated Systems for Portfolio Managers by April 2023.</h1> The circular issued by SEBI mandates that portfolio managers must segregate clients' funds and securities from their own, ensuring safekeeping and compliance with the PMS Regulations. It requires the establishment of written policies detailing roles and responsibilities in fund management, order execution, and trade allocation. Portfolio managers must treat clients equitably and implement preventive measures for dealing personnel, including restricted communication and access protocols. For large portfolios, automated systems are required for minimal manual intervention. The circular is effective from April 1, 2023, with specific implementation timelines outlined, and aims to protect investors and regulate the securities market.
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