New norms proposed by SEBI for Investment Advisors

SEBI (Securities and Exchange Board of India) in consultation with RBI (Reserve Bank of India), IRDA (Insurance Regulatory and Development Authority ) and PFRDA (Pension Fund Regulatory and Development Authority) has proposed that all individuals, body corporates (Banks and Non-banking finance companies ) and partnership firms which are engaged or plan to enter the business of providing investment advice to investors have to be registered and regulated under the Investment Advisors Regulations. They must obtain permission from RBI before approaching SEBI for licence.