I-Sec, 10 others get Sebi nod to act as investment advisers
Aug 28 2013 , Mumbai
Eleven entities have been registered as investment advisers as on today, 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 July 31, according to Sebi data published earlier.
In May, Sebi had issued guidelines about how to seek registration as investment advisers, rules for which were notified after month-long consultation process to tackle the menace of investors being duped by fraudulent entities offering misleading advice.
The norms require the investment advisers to submit various details about their activities, including disclosure of issues that could result in conflict of interests, among others.