How can a trader get a dealer terminal for Portfolio management? What is the right way to go about it?

Many experienced traders seek a dealer terminal to trade on behalf of friends or their clients. Though their clients are ready to authorize them - brokers still don’t allow this saying its not legal. So what is the right way to go about it.


For dealer terminal, one has to be registered as an authorized person with the exchange. Also, has to have valid certifications [NISM series 8]

Though many brokers are providing portfolio service. But to do it legally, the broker has to get a valid license from the regulators.

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As per SEBI regulation, if any person seeks to trade on behalf of another person he has to be registered as a portfolio manager with SEBI. Find the link here on how to apply for one.

So any kind of arrangement of one person managing another's funds without a PMS license is violating SEBI regulations. Even if a client is ready to authorize in writing, any such authorization is not a valid document, and can get both the person managing and the main brokerage firm in trouble from the regulators. 


I am trying to Trade in MCX after 6PM i.e., in the evening session after my office working hours, But the problem is I am working as a Relationship Manager (Dealing) - Equity in a well known Broking Firm (I have a terminal ID registered) starting September & my branch manager is Telling that I am not supposed to trade in any exchanges registered with SEBI and it is a rule from SEBI. Please confirm me about this Rule, as I have gone through insider trading guidelines from SEBI but I didn’t find any restrictions related to trading by a dealer. Since I plan to trade after equity market hours is it fine or is it a legal restriction. Please Confirm me as I didn’t find any related article in Trading Q&A.

does the broker have to get a license or the client. And how and where does one apply to get this license

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Client can request his broker to get the facility enabled for him, if the client is ready to bear all the costs involved.

Not able to open the link

Hello Nithin,

The link provided for registering with sebi as a portfolio manager does not seem to be working. Can you please provide the updated link