Is PMS manager liable to pay for losses to their clients, is there any legal bases for that?
I don’t think so, no. Even a small MF investment of 500 rupees when invested in market linked products comes with no guarantee of a profit, so a PMS too has no obligation to make profits, as they are not guaranteed with such products. Although I think some PMS work on the model of profit sharing.
Losses - you alone 
Profits - all of us 
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Sounds lot like my family
Be jobless, broke af and idiotic. Mom - "it’s all your fault, you don’t take any responsibility"
Hustle well, grind , build skills, get job then jump job buy car bike own money ,no debt, learn investment, build bank balance invest etc mom - "you came this far because we supported you . From now on its our money and also you are free wealth manager Invest this and manage this too"
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Success has many fathers… failure is an orphan 
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These fund managers are like
Heads I win, tail you lose
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