General responsibilities of a Portfolio Manager

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....nt in accordance with the needs of the client in a manner which does not partake character of a Mutual Fund, whereas the non-discretionary portfolio manager shall manage the funds in accordance with the directions of the client. ^1[(1A) The portfolio manager shall not accept from the client, funds or securities worth less than ^2[twenty five lacs] rupees.] ^3[Provided that the minimum invest....

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....e portfolio manager shall transact in securities within the limitation placed by the client himself with regard to dealing in securities under the provisions of the Reserve Bank of India Act, 1934 (2 of 1934). (4) The portfolio manager shall not derive any direct or indirect benefit out of the client's funds or securities. ^5[(4A) The portfolio manager shall not borrow funds or securitie....