Several advisers yet to register with ARIA: Buch

Mumbai: Sebi chief Madhabi Puri Buch said one in every three investment advisers is not registered with the first-level regulator - the Association of Registered Investment Advisers (ARIA).

"Investment advisers are required to register with the new first-level regulator. There are large numbers - 35% of the investment advisers are still not registered," said Buch at an industry event on Wednesday. "It's your profession, it's your livelihood but you have not found the time or inclination to come and register with the first-level regulator," she said.

Buch said the issue of "fact versus fake" is not just crucial for the regulator but also the investor.


"There is a need to segregate the wheat from the chaff, fact from the fake. We need your help," Buch said.

The Sebi head also criticised an alleged practise of "investment adviser registrations for rent".

Buch also highlighted the alleged circumvention of law regarding portfolio management services (PMS). "We have now seen dozens and dozens of cases of illegal PMS being carried out," she said.