The investor and the portfolio manager enter into an agreement detailing the investment strategy, goals and other details. The investor can offer either a sum of up to Rs 25 lakh or stocks worth this much. PMS are offered on discretionary as well as non-discretionary basis. In the former, the manager takes investment decisions and has the power of attorney to manage the investor's account. In nondiscretionary, he merely suggests investment ideas; the rest is the investor's prerogative.