Portfolio Managers
Integrated module covering client agreements, custody, performance, fees and reporting.
client agreements, custody, performance, fees and reporting8 control pages
Reviewed by Ravi Sisodia · Last reviewed 24 July 2026
What this module covers
Portfolio Managers who manage client securities/funds on a discretionary or non-discretionary basis are regulated under the SEBI (Portfolio Managers) Regulations, 2020 (last amended 3 September 2025). The regulations set a minimum net worth of ₹5 crore, mandate a written client agreement disclosing fees, risk factors and past performance (computed on a Time-Weighted Rate of Return basis under a prescribed disclosure document), require client funds and securities to be held in segregated bank/demat accounts distinct from the portfolio manager’s own, and cap the minimum investment amount accepted from a client at ₹50 lakh. Performance-linked fees, if charged, must follow a high-watermark principle so a manager cannot charge the same gains twice.
The 8 control pages below turn this framework into operational checkpoints — confirming registration and governance (P-01, P-02) through client onboarding and agreement due diligence (P-03), fund/securities custody and segregation (P-04), fee and performance-disclosure controls (P-05), periodic reporting (P-06), complaint handling (P-07) and inspection readiness (P-08) — as a single connected compliance workflow.
Control pages
Governance and responsible persons
Onboarding, eligibility and due diligence
Funds, securities, custody and segregation
Valuation, pricing, fees and conflicts
Disclosure, reporting and website
Complaints, defaults and investor protection
Inspection, enforcement and evidence
Official sources
Current law status: in force as of this review date; last amended 3 September 2025. Verify for further amendments before relying on this page for a live compliance decision.