Restriction on association with unregulated advisors bars ties unless advisory or performance claims are Board permitted. Prohibits recognized stock exchanges, recognized clearing corporations and their agents from associating, directly or indirectly, with persons who provide investment advice or recommendations or who make claims of returns or performance related to securities unless such persons are registered with or permitted by the Board; provides an exception for association via a Board-specified digital platform. Obligates exchanges and clearing corporations to ensure associated persons do not engage in those activities without permission and defines 'association' to include transactions, referrals, IT system interaction and similar links, while excepting pure investor education that lacks prohibited activities.