The applicant must fulfill the net worth requirement of not less than Rs. 5 Crores. The portfolio manager shall not accept from the clients, funds or securities worth less than Rs. 50 lakh.

Funds pay-in for subscription are done on a T+0 day basis. The transfer of funds for redemption is carried out on a T+1 , T+2, T+3, T+4, T+5, T+6 and T+7 basis depending upon the category of scheme.

Between a Trading Web Server and Trading Client Terminals, Interfaces Standards as per recommendations of IETF (Internet Engineering Task Force) and W3C (World Wide Web Consortium) may be adopted. E.g.: HTTP Ver 4 or above HTML Ver 4/XML.

The regulations list several categories of 'deemed connected persons' including holding/subsidiary companies, bankers, officials of stock exchanges/clearing corporations, and concerns where a director has >10% interest. Option E is incorrect because the definition of a connected person includes association during the six months prior to the concerned act, not eight months,.

The text defines Custodians as: 'Custodians are also clearing members like PCMs but not trading members. They settle trades on behalf of the clients of the trading members, when a particular trade is assigned to them for settlement.' This specifically applies to institutional clients.