Edelweiss is the custodian of client assets through its custodial service. The Demat accounts are held at Edelweiss in the name of the client. The settlement process is such that when the PMS buys, the funds get debited from the pool account and are paid to the exchange directly by Edelweiss custody (and not to the broker, unlike the way it happens in retail transactions) and securities are credited to the client’s Demat account directly from the exchange on pay-out day (and not routed through the broker unlike a retail transaction). Brokerage is paid separately to the broker. The reverse happens during a sell transaction as such, the custody set-up eliminates the broker risk and our clients do not have any monetary risk/exposure to the broker.