Over the years the Securities and Exchange Board of India (Sebi) has issued dozens of circulars and guidelines to regulate market intermediaries who deal with retail investors such as stockbrokers, portfolio managers, investment advisors (IAs), and research analysts (RAs). However, if the sole focus is on compliance, disclosure, and reporting, regulations stop serving the real interest of customers. Let me concentrate on just one issue: Who can offer buy/sell advice to investors?
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