The Economic Times reported that even existing players like brokerage arms carrying portfolio management services and selling wealth management products will have to obtain permission from RBI.
The new norms proposed by Sebi mandates all individuals, body corporate and partnership firms to be registered and regulated under the Investment Advisors Regulations.
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Though the draft rules proposed by Sebi states that representatives of banks and corporates will be required to be registered with Sebi, the final rules cleared by the Sebi board only require these entities (providing advice on behalf of banks or corporate) to be certified by industry bodies.
Sebi is likely to come out with the final rules on investment advisors within a month, The Economic Times further added.
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