"We have received a very detailed feedback and we are undergoing a process of discussion and shortly we will come out with regulations (on investment advisers)," Sebi whole time member Prashant Saran said in New Delhi.
"It is very difficult to give a time-line. We do need to build a consensus," he said on the sidelines of an Assocham event in New Delhi.
In September this year, Sebi had proposed to bar investment advisers from acting as agents for promoting financial products.
The entities, which include banks and fund managers, would have to be registered with a self-regulatory organisation as investment advisers, said the concept paper on Regulation of Investment Adviser issued by Securities and Exchange Board of India.
"No financial incentives/consideration would be received from any person other than investors
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