Investment advisers cannot sell commission based FDs to customers: SEBI

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Investment advisors will not be able to provide advice in a way that benefits clients and customers. According to the new SEBI directive, investment advisers will not be able to recover the commission by recommending a commission-based fixed deposit (FD).

SEBI has limited the scope of securities or investment products for investment advisors. As such, investment advisors will no longer be able to offer their advice to customers on all tools.

SEBI said in the new guidelines that a registered investment adviser will not be able to charge a commission for recommending a fixed deposit to its customers. In fact, Guardian Capital Investments had sought guidelines from the market regulator on various advisory aspects. SEBI has announced these rules in its investigation. However, the lawyer of a private law firm said that the guidelines of SEBI will affect the ability of individuals working as consultants to advise their clients.

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