Any person who provides investment advice to clients exclusively based out of India is exempted from seeking registration under the rules governing investment advisor (IA), capital markets regulator Sebi has said.
However, if the person gives investment advice to Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs) then he or she will fall under the purview of IA rules and need to obtain a registration certificate, Sebi said in the list of frequently asked questions on investment advisers uploaded on its website on Tuesday.
Further, Sebi said that registered investment advisers can give investment advisory services to foreign portfolio investors (FPIs).
An investment adviser gives investment advice relating to buying selling or dealing in securities such as shares, debentures, bonds, derivatives, securitised instruments, units of AIF (alternative investment fund), REIT (real estate investment trust) and InvIT (infrastructure investment trust).
While dealing in distributio
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