Securities And Exchange Board Of India - Subsection
Section 15(1) in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
(1)The discretionary portfolio manager shall individually and independently manage the funds of each client 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.
