Direct Market Access (DMA) is a facility which allows Members to offer their clients direct access to the exchange trading system through their Computer to Computer Link (CTCL) infrastructure without manual intervention by them. DMA facility is currently permitted by SEBI only to institutional clients and further extended to investment managers. Such institutional clients may use the services of an investment manager or advisor or portfolio manager ("Investment Manager") to avail the DMA facility, as mentioned in the SEBI circular.