Client-wise accounting and independent annual audits require portfolio managers to record transactions, tax deductions, and cooperate with client-appointed auditors. Portfolio managers must maintain separate client-wise accounts recording funds, investment activity, investment credits, expenses and tax deducted at ... Summary
Client-wise accounting and independent annual audits require portfolio managers to record transactions, tax deductions, and cooperate with client-appointed auditors.
Portfolio managers must maintain separate client-wise accounts recording funds, investment activity, investment credits, expenses and tax deducted at source. Books require yearly audit by a qualified auditor, with a certificate filed with the Board within six months where specified. Portfolio accounts also require annual independent chartered-accountant audit, and the certificate must be supplied to clients. Clients may appoint a chartered accountant to examine records relating to their transactions, with which the portfolio manager must cooperate.
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