SEBI on Monday cleared norms that will require investment advisors and distributors of financial products to segregate their services.
Distributors of financial products will no longer be able to act as investment advisors to the same clients. SEBI approved changes to the law, requiring firms that advise clients on buying, selling stocks or mutual funds to segregate their services from distribution of those products.
Fees for such services will also be streamlined. SEBI said it will also introduce enhanced eligibility criteria for registration as an investment advisor, including for net-worth qualification and experience. There will be a provision for grandfathering existing individual advisors.
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