Investment advisers cannot manage funds as well as securities on behalf of their clients and should not contemplate about asking power of attorney in this regard, markets regulator Sebi has said
Sebi has also fixed a cap on fee that investment advisers (IA) can charge from clients. It has also put in place a procedural framework pertaining to audit and record-keeping
Passing an interim order against the firms and their proprietors, Sebi, among other directions, asked the entities to withdraw all advertisements in relation to their investment advisory services