Investment Advisers & Research Analysts

Consultation Paper on Segregation of Investment Advice and Distribution

On January 2, a consultation paper was issued by SEBI, prohibiting individuals and entities from simultaneously providing advisory and distribution services in relation to the financial products. SEBI has proposed a deadline of March 31, 2019, for existing distributors also providing advisory services to discontinue one. It is important to note that this is a…

SEBI proposes revamp of the Investment Advisers Regulations

The SEBI (Investment Advisers) Regulations was notified in 2013 making it mandatory for investment advisers to obtain a certificate of registration from SEBI and to adhere to various safeguards intended at minimizing any conflicts of interest between the interests of the advisers and those of their clients. In its constant endeavour to improve these safeguards,…

SEBI order against stock tips through bulk SMS

In an interim order issued against Gautam S. Khandelwal (noticee) on February 23, 2017, SEBI has prohibited the noticee from dealing in securities and from disseminating news or messages in the securities market, for acting in contravention of  the SEBI (Research Analyst) Regulations, 2014 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003….

SEBI Order in CapitalVia Global Research Limited

SEBI passed an order on January 20, against CapitalVia Global Research Limited (CapitalVia), a registered investment adviser (IA) and its directors, for non-compliance with several provisions of the SEBI (Investment Advisers) Regulations, 2013. SEBI had issued an interim order-cum-show cause notice in November 2016 against the noticees prohibiting them from undertaking new advisory business till…

SEBI proposes changes to Investment Advisers Regulations

SEBI notified the Investment Advisers Regulations in 2013, making it mandatory for entities providing investment advice for a consideration, to register under the Regulations. Regulation 4 grants exemption from registration to certain entities that provide investment advice to their clients, incidental to their primary activity. Despite such exemption, registered intermediaries are required to comply with…

Illegal ‘trading tips’ through mobile SMSs and WhatsApp messages

SEBI issued an order on May 12, 2016, against two individuals who provided investment related advisory services without a certificate of registration from SEBI. The individuals were offering for a fee, trading tips and stock specific recommendations through mobile SMSs/WhatsApp messages and on their website which contained enticing and misleading claims. SEBI had issued an…

SEBI Notification on Certification for Investment Advisers

SEBI, through a notification dated 27 January, 2014 has recognized Certified Financial Planner certification from the Financial Planning and Standards Board India, as being an eligible certification for registration under SEBI (Investment Advisers) Regulations, 2013. However the proviso to paragraph 3 of the Notification exempts only those associated persons, who have already obtained CFP certification…

Note on draft SEBI (Research Analyst) Regulations, 2013

The Draft SEBI (Research Analyst) Regulations, 2013 was issued on 29 November, 2013. Before the draft regulations, research analysts have been subjected to disclosure requirements under the SEBI (Prohibition of Insider Trading) Regulations, 1992 and the Code of Corporate Disclosure Practices for Prevention of Insider Trading. The draft regulations provide for Registration and regulation of…

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