Securities And Exchange Board Of India - Subsection
Section 16(5) in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
(5)The portfolio manager shall, ordinarily purchase or sell securities separately for each client. However, in the event of aggregation of purchases or sales for economy of scale, inter se allocation shall be done on a pro rata basis and at weighted average price of the day's transactions. The portfolio manager shall not keep any open position in respect of allocation of sales or purchases effected in a day.
