If you are confused whether your distributor is an adviser or not, you are not alone. Apart from 512 registered advisers, all the others giving ‘advice’ are not qualified to do so. There are indications that the Securities and Exchange Board of India (Sebi) will widen the reach of Sebi Investment Adviser Regulations, 2013 and bring more individuals and firms, who advise investors, under the regulatory ambit. Two Sebi insiders said that this is likely to happen in the board meeting to be held on 23 September.