Restriction in having association with certain persons

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....nt of such a person shall have any direct or indirect association, with another person who- (i) provides advice or any recommendation, directly or indirectly, in respect of or related to a security or securities, unless the person is registered with or otherwise permitted by the Board to provide such advice or recommendation; or (ii) makes any claim, of returns or performance exp....

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....) investment manager of an alternative investment fund or infrastructure investment trust registered with the Board; (d) manager of a real estate investment trust registered with the Board. Explanation 2. - For the purposes of this regulation, the expression "association" shall mean- (a) a transaction involving money or money's worth; (b) referral of a client; ....