Sebi gets 70 applications under Investment Advisors Regulation

The Securities and Exchange Board of India (Sebi), which had directed all independent investment advisors to register with the regulator, according to the Investment Advisors Regulation, had received only 70 applications, said Sebi executive director Ananta Barua.

He added from October 21, only those who had registered under the regulation with Sebi would be able to offer investment advisory services. Under the regulation, individuals, corporations and partnership firms engaged in providing investment advice would be registered and regulated. The regulation was announced in January.

"We did not make these regulations immediately applicable. We gave a lot of time...That is why I am surprised the applications received are very few," Barua said. Sources said many experts working as advisors were concerned at this, as the regulation restricted them from engaging in activities such as distribution of mutual funds.