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    <title>FEES PAYABLE TO INVESTMENT ADVISER</title>
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    <description>SEBI&#039;s statutory powers to protect investors and regulate market functionaries permit it to prescribe the manner and limits for fees charged by investment advisers; Regulation 15A and the implementing circular set two permissible fee modes (Asset Under Advice and Fixed Fee) and general conditions on aggregation, annual mode choice, advance fees, and refunds, framed as regulatory measures for investor protection rather than fiscal imposition.</description>
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