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SEBI has relaxed advance fee restrictions for Investment Advisers (IAs) and Research Analysts (RAs), allowing them to collect fees up to one year in advance, increased from two quarters for IAs and three months for RAs. The circular specifies that fee-related provisions (including limits, payment modes, refunds, and breakage fees) apply only to individual and HUF clients who are not accredited investors. For non-individual clients, accredited investors, and institutional investors seeking proxy adviser recommendations, fee arrangements may be governed by bilaterally negotiated contractual terms. This regulatory amendment addresses industry feedback that previous restrictions disincentivized offering long-term recommendations.
SEBI has relaxed advance fee restrictions for Investment Advisers (IAs) and Research Analysts (RAs), allowing them to collect fees up to one year in advance, increased from two quarters for IAs and three months for RAs. The circular specifies that fee-related provisions (including limits, payment modes, refunds, and breakage fees) apply only to individual and HUF clients who are not accredited investors. For non-individual clients, accredited investors, and institutional investors seeking proxy adviser recommendations, fee arrangements may be governed by bilaterally negotiated contractual terms. This regulatory amendment addresses industry feedback that previous restrictions disincentivized offering long-term recommendations.
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