A positive resist composition based on a polymer comprising recurring units (a) of (meth)acrylate having an iodized lactone ring, and recurring units (b1) having a carboxyl group substituted with an acid labile group and/or recurring units (b2) having a phenolic hydroxyl group substituted with an acid labile group has a high sensitivity and resolution, and forms a pattern of good profile and minimal edge roughness after exposure.