Client level segregation of advisory and distribution mandates single service choice within adviser groups and strict compliance obligations. SEBI requires Investment Advisers to implement client-level segregation of advisory and distribution services within adviser groups using PAN as control, treat dependent family members as a single client where applicable, obtain annual auditor certification of segregation compliance, and advise direct (non commission) plans where available. Advisers must enter into prescribed written investment advisory agreements prior to rendering advice or charging fees, follow specified fee regimes under Assets under Advice or Fixed Fee modes with supporting documentation and restrictions, maintain verifiable client interaction records for prescribed retention periods, conduct annual compliance audits with reporting, and comply with registration, qualification, risk profiling and disclosure requirements within stated timelines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Client level segregation of advisory and distribution mandates single service choice within adviser groups and strict compliance obligations.
SEBI requires Investment Advisers to implement client-level segregation of advisory and distribution services within adviser groups using PAN as control, treat dependent family members as a single client where applicable, obtain annual auditor certification of segregation compliance, and advise direct (non commission) plans where available. Advisers must enter into prescribed written investment advisory agreements prior to rendering advice or charging fees, follow specified fee regimes under Assets under Advice or Fixed Fee modes with supporting documentation and restrictions, maintain verifiable client interaction records for prescribed retention periods, conduct annual compliance audits with reporting, and comply with registration, qualification, risk profiling and disclosure requirements within stated timelines.
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