Nearly three years ago, the Reserve Bank of India (RBI) recognised the need to separate two banking functions—giving advice on financial products, and simply selling a financial product. Usually, selling a product is called distribution, and here the bank relationship manager (RM) represents the investment company or the insurance firm. In contrast, if the RM is trying to find which product suits a client based on her needs, it’s called advisory. Till then, there was no distinction made between a seller and an adviser.
Mutual fund industry seeks increase in overall overseas limit
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