In case of non-discretionary services, the investment objectives and the securities to be invested would be entirely decided by the Client. The same could vary widely from client to client. However, the execution would be carried out only after getting the approval from the Client. Under Non-Discretionary category, the investment decisions of the Portfolio Manager are guided by the specific requirements of the client. The deployment of funds is the sole discretion of the client and is to be exercised by the portfolio manager in a manner that strictly complies with the client’s instruction. The decision of the client in deployment of funds and the handling of his/her/its portfolio is absolute and final. The role of the Portfolio Manager apart from adhering to investments or divestments upon instructions of the client is restricted, to providing market intelligence, research reports, trading strategies, trade statistics and such other material which will enable the client to take appropriate investment decisions. We, at CapGrow, support that discretionary PMS is more suitable and operationally flexible to deliver returns in capital markets. This is also substantiated by the fact that almost all the PMS clients in the industry are discretionary. However, provided a big size family office or an institutional client, the non discretionary PMS is something that will be workable and win-win situation for both the client and CapGrow.