General Obligations
Regulation 79
General Obligations
IFSCA (Fund Management) Regulations, 2025No change in 2026Chapter VI · Other Fund Management Activities
Chapter VI · Other Fund Management Activities
Regulation 79 – General Obligations
Medium importance about 3 min
Portfolio Management Services: Running PMS — agreements, reporting, investment restrictions and advisory services.
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In plain English
PMS fees must be agreed with the client (fixed, return-based, or combination) without guaranteeing returns; discretionary managers must manage each client's funds individually and independently.
In plain English
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The rule, in its own words
Read the exact text of Regulation 79
79. (1) The FME shall charge an agreed fee from the clients for rendering portfolio management services without guaranteeing or assuring, either directly or indirectly, any return and the fee so charged may be a fixed fee or a return-based fee or a combination of both.
(2) The FME in its capacity as a discretionary portfolio manager shall individually and independently manage the funds of the client in accordance with the needs of the client, in a manner which does not partake the character of a retail fund, whereas a non-discretionary portfolio manager shall manage the funds of the client in accordance with the directions of the client.
(3) The FME shall ensure that any person or entity inv…
Show the full text
79. (1) The FME shall charge an agreed fee from the clients for rendering portfolio management services without guaranteeing or assuring, either directly or indirectly, any return and the fee so charged may be a fixed fee or a return-based fee or a combination of both.
(2) The FME in its capacity as a discretionary portfolio manager shall individually and independently manage the funds of the client in accordance with the needs of the client, in a manner which does not partake the character of a retail fund, whereas a non-discretionary portfolio manager shall manage the funds of the client in accordance with the directions of the client.
(3) The FME shall ensure that any person or entity involved in the distribution of its services is carrying out the distribution activities in compliance with these regulations and the circulars and directions issued thereunder by the Authority from time to time.
(4) The FME shall report its performance uniformly in the disclosures to the Authority, advertising material, reports to the clients and on its website.
(5) The portfolio accounts managed and administered by the FME in its capacity as a portfolio manager shall be audited annually and a copy of the certificate shall be given to the client.
Statutory text — Principal Regulations, 2025 (as amended to 30 January 2026), consolidated where amended. The notified Gazette text prevails. Tap a highlighted word for how it functions.
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What this means in practice
Compliance actions
- Applies to
- FME offering PMS
- Frequency
- Per client, ongoing
- Evidence
- PMS client agreement with fee terms; Individual client mandate/investment records
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Where it connects
Read alongside
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Check yourself
Quiz Centre
Test yourself on Regulation 79
6 questions in the unified bank test this regulation. Each explains every option and cites the provision.
PMS fees may be:
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Your notes
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