What are the rules on starting portfolio management services?

[N_Chandel89]

What are the rules on starting portfolio management or Hedge Fund?

Does anyone know what rules there are on starting a Portfolio management service or Hedge Fund?
Permissions, formalities, legalities, obligations and anything else connected with PMS/hedge funds.
How do I go about it?

To start Portfolio Management Services (PMS):

1. Regulatory Compliance: Obtain necessary licenses and registrations from relevant financial authorities.
2. Business Setup: Form a legal entity, set up office infrastructure, and hire qualified staff.
3. Operational Framework: Develop an investment policy, draft client agreements, and implement risk management systems.
4. Technology: Use reliable portfolio management software and ensure data security.
5. Marketing and Client Acquisition: Create a marketing plan and establish client onboarding processes.
6. Compliance and Reporting: Ensure regular regulatory and client reporting, and conduct compliance audits.
7. Continuous Improvement: Regularly review performance, conduct audits, and gather client feedback.