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Wednesday, December 14, 2011

Regulations for financial advisors soon: SEBI member

The Securities and Exchange Board of India plans to soon come out with specific regulations for financial advisors, a top official has said.
“We have received detailed responses from various stakeholders. It is difficult to give exact timeline when the regulations will be issued. It will come out shortly… we have to build consensus,” Mr Prashant Saran, Whole-Time Member, SEBI, told reporters on the sidelines of Assocham's mutual fund summit here on Tuesday.
He was replying to queries on the status of the proposed regulations for financial advisors. Regulations to govern financial advisors have been under consideration for some years now.
Earlier in his address at the summit, Mr Saran underscored the need for re-modelling the financial education efforts in such a manner that clear roles are made out for each player in the system. He highlighted that manufacturers of financial products had huge role to play in financial education.
The overall function of defining the content and strategy for bringing about financial literacy should be the job of the financial stability and development council (FSDC), Mr Saran noted.

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