NISM PMS Distributors ( NISM 21A ) Certification Exam Notes
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Discretionary PMS: Managers make investment decisions without client approval.
Non-Discretionary PMS: Managers execute trades only with client consent.
Advisory PMS: Provide investment advice, leaving decisions to clients.
Client Agreement: Defines investment scope, objectives, and manager responsibilities.
SEBI Regulations: Govern PMS operations for transparency and compliance.
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