The Securities and Exchange Board of India (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.
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 registered as investment advisers include IFMR Investment Adviser Services, Sensage Financial Services and Valuefy Solutions.
Around 20 entities had sought approval to act as investment advisers at the end of July 31, 2013 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.