The new entity will be formed by representatives from wealth management industry
Mumbai: SEBI has initiated a new move according to which wealth management industry will be regulated by an intermediary regulatory body with representatives from the wealth management industry itself, says a PTI report carried by newspapers today. This would reportedly cover entities offering investment advisory services and wealth management services across various asset classes such as mutual funds, fixed deposits, stocks and insurance.
The new entity formed under SEBI’s guidance would perform the function of the first-stage regulator and also as market development authority, adds the PTI report.
The new entity will be asked to develop a stringent code of conduct in consultation with SEBI.
