The new guidelines—following the amendment notified on 16 December—aim to reinforce compliance and ensure better segregation of services between independent advisers (IAs) and research analysts (RAs), according to norms released by the Securities and Exchange Board of India (Sebi) on Wednesday.
Deposit requirements
Sebi introduced a tiered deposit structure for IAs and RAs based on the maximum number of clients served on any given day during the previous financial year.
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