The SEBI consultation paper on amendments and clarifications to the SEBI (Investment Advisors) Regulations 2013, which seeks to separate the roles of mutual fund distributors and investment advice, has come in for strong criticism from the distribution industry.
Srikanth Meenakshi, COO and Co-founder, FundsIndia.com, an online platform for mutual funds and equity investments, said that the motivation for that consultation paper is still unclear. Pointing out that India is still a significantly under-invested country, with retail participation in financial products at an abysmally low level, he said the step was not in the right direction.
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