Millennium Post

I-Sec, 10 others get Sebi nod to act as investment advisers

Sebi has authorised as many as 11 entities, including ICICI Securities, to act as investment advisers under the new guidelines aimed at ensuring more transparency in the country's capital market.

Eleven entities have been registered as investment advisers as on Wednesday, according to the list published by the Securities and Exchange Board of India (Sebi). Earlier this year, Sebi had issued norms making it mandatory for any person or company seeking to advise investors to be registered with the market regulator for such activities.

The move was part of efforts to bring more transparency into the functioning of the country's capital market. Apart from ICICI Securities, other entities who have got registered as investment advisers include IFMR Investment Adviser Services, Sensage Financial Services and Valuefy Solutions. The remaining registered advisers are individuals.

Around 20 entities had sought approval to act as investment advisers at the end of 31 July. In May, Sebi had issued guidelines about how to seek registration as investment advisers, rules for which were notified after consultation process to tackle the menace of investors being duped by fraudulent entities offering misleading advice.
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