Markets regulator Sebi on Tuesday said portfolio managers cannot impose a lock-in period for investments of their clients but can charge fee for early exits. A portfolio manager is a body corporate, which pursuant to a contract with a client, advises or directs or undertakes on behalf of the client the management of a portfolio of securities or funds. The watchdog said portfolio manager will charge a fee as per the agreement with the client for rendering portfolio management services. The fee so charged may be a fixed amount or a performance-based fee or a combination of both.
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