https://www.taxtmi.com/circulars?id=58681 Performance fees must be computed using the high water mark principle and charged only on increases above the previously achieved high water mark (charge frequency not less than quarterly); this rule applies to discretionary and non-discretionary services but not advisory services. All fees and charges are to be levied on actual assets under management, client liability for discretionary mandates is capped at the client's investment, and client agreements must include a separate Annexure with a Rs. 10 lakh one-year illustrative disclosure (gain/loss/no change) in at least 11-point font, with signatures required from clients. en-us Tue, 05 Oct 2010 00:00:00 +0530 Tue, 03 Feb 2026 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=58681 Performance fees must be computed using the high water mark principle and charged only on increases above the previously achieved high water mark (charge frequency not less than quarterly); this rule applies to discretionary and non-discretionary services but not advisory services. All fees and charges are to be levied on actual assets under management, client liability for discretionary mandates is capped at the client's investment, and client agreements must include a separate Annexure with a Rs. 10 lakh one-year illustrative disclosure (gain/loss/no change) in at least 11-point font, with signatures required from clients. Circulars SEBI Tue, 05 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/circulars?id=58681