A good overhaul of mutual fund advisory regulations

The advisory regulations of 2013 by the Securities and Exchange Board of India (Sebi) were brought in to create a new class of advisers, who would primarily focused on offering advice on fee-only basis and assume a fiduciary responsibility. This was a major break from the past and a harbinger of things to come. But there were loopholes that could be exploited, and others that were open to interpretation. The new consultation paper—Consultation Paper on Amendments/Clarifications to the Sebi (Investment Advisers) Regulations, 2013—has addressed these concerns. Here are some of them.

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