The Portfolio Management Service (PMS) of some of the major fund houses has come under the scanner of the capital market regulator Securities & Exchange Board of India (SEBI). The enquiry was conducted after it was discovered that the PMS of some of the fund houses had not customized individual investor’s portfolio and were using the same model portfolio across all investors. According to SEBI guidelines, portfolio managers are required to purchase or sell securities separately for each client and maintain separate account for each client’s funds and portfolio of securities.