Market regulator Sebi had created a new category of Investment Advisers (IA) vide its IA Regulations, 2013. IAs were to act as a fiduciary to the client and earn from fees paid by them. There were many stipulations on education, experience, certification, compliance, disclosures, etc., which the IAs have had to comply with. Ten years on, the IA community has shrunk to just 926 members (as per the numbers registered with BSEASL as of early July), down from over 1,300. This does not augur well for the industry when the intention was to make available high quality, client-centric advice to investors at large. Thus, a relook at the 2013 regulation is necessary.
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