Empowerment of PMS clients

SEBI is thinking of empowering investors under PMS to verify their accounts by bypassing fund managers .. Seems to us, will defeat the purpose the rather-popular discretionary PMS accounts. A leading Portfolio Manager has already shut shop and many others are closing down some of their Schemes. Corporates working on wafer-thin margins, irate customers who have seen their portfolios collapsing like a pack of cards .. The PMS industry has more than its share of troubles..