https://www.taxtmi.com/acts?id=38168 Regulation 23 requires portfolio managers to perform fiduciary management: discretionary managers must independently manage each client's funds without resembling a mutual fund, and non discretionary managers must follow client directions. Managers must maintain segregated client securities accounts, keep client funds in a separate Scheduled Commercial Bank account, observe client dealing limits and Reserve Bank constraints, avoid deriving benefits or borrowing on clients' behalf, restrict lending of client securities to regulatory permissions, handle complaints promptly, ensure distributor compliance, and adhere to the Investor Charter. en-us Tue, 21 Jan 2020 16:57:40 +0530 Tue, 11 Feb 2025 12:55:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=38168 Regulation 23 requires portfolio managers to perform fiduciary management: discretionary managers must independently manage each client's funds without resembling a mutual fund, and non discretionary managers must follow client directions. Managers must maintain segregated client securities accounts, keep client funds in a separate Scheduled Commercial Bank account, observe client dealing limits and Reserve Bank constraints, avoid deriving benefits or borrowing on clients' behalf, restrict lending of client securities to regulatory permissions, handle complaints promptly, ensure distributor compliance, and adhere to the Investor Charter. Act-Rules SEBI Tue, 21 Jan 2020 16:57:40 +0530 https://www.taxtmi.com/acts?id=38168