Really true it should be considered mostly IFAS are working hard with minimum pay out.

The questions raised are very logical.sebi should answer to these questions . Great fact finding by Mr.Vijay and team.sebi should think over intra fund switches and banning all fund categories if they really are concerned about investors.

It seems in the country there are some people think they should cleanse the system. In this course they think all they see and work with the organisations are enemies and preparing to do some surgical strike, the act become a fancy and mark them as saviour. But they dont understand they are in turn killing their own people, a small group of people in this big country. My sincere appeal to the regulatory body to think and take concerns and confidence of all small IFAS and plug all loop holes in the system with help of ifa soldiers, who are more than willing to see the client prosperity before self. But please do not hatch and kill your own brigade.

Instead of pluging loopholes in the present system ,sebi going to penalising the the entire IFA frateninty .In the present RIA structure majority of investor will be unrepresented .In fact IFAs are giving the last mile connectivity to investors and not NDs or Bankers.

Thanks Vijay Sir. Hope, that considering these questions Mr. Sinha and Panel will take holistic decision which will helpful and beneficial to Investors as well as IFAS.

SEBI is really behave rude to small distributors I humbly request to SEBI to give basics advise and increase more sell through SIP

If SEBI can ans the questions posed here with understanding of the ans provided they will not force us IFA to become RIA. As a ordinary IFA I feel frustrated by the so many regulations n paper work. The SIP build up credit is to IFA community. I wish GOD gives the members of Board some "SADBUDDHI" n may use their Heart n Brain both. Jai Hind

You have brought out wonderful valid points and I sincerely thank you . In all fairness it should be considered in a democratic country. Hope SEBI will hear.

Kudos to wealth forum for having presented this write up. Only hope and pray that SEBI chief reads this, understands and gets some sense.

Hope these 3 questions would bring relief in the process of decision making, to the MFD which is otherwise a strained profession.

I hope SEBI at least reads the article posted by Mr. Vijay. The only we can do is hope.

I hope that read your questions and probe a little more so that they make decisions which are fair for the small advisor and will be beneficial for the small investors.

Well put but Mr. Sinha Has made up his mind and want to push this in the name of reform. Every SEBI chief wanted to push one or other impractical agenda with a aim to leave their name in history. For instance one of the chairman wanted T+1 settlement in stock market which was counter productive. The brokers, FII every one was up in arms and explained the negative marginal utility of such a move and the same was shelved at the last moment. Like wise only if the board really applies their mind instead of getting swayed by Mr. sinhas personal preference bereft of real benefit then only the small distributors will be saved.

Most of misselling cases -(complained+ not complained) were related to BANKS & SUB BROKERS OF NDs--- Their salesforce have targets to sell schemes imposed by upper level bosses whose recognition is based on brokerage earned.. Moreover sales person keeps changing more often . So they become less serious, giving priorities to self insted of investors--

Very appropriate questions that have been asked at the right & correct time. Very well & carefully drafted. However, can we expect Positive response from SEBI chairman? Does SEBI listen to and is WISE enough?

Brilliantly articulated with facts and figures, but will SEBI really reflect ? When giant egos are involved it is tough to expect reason and logic to convince.

The point we can add here is any basic selection is also advice . How do you monitor and define what is advise and what is not advise and distribution alone. Who is monitoring the online portals and there recommendations . Are they distributors , advisors or facilitators. I think they should reconsider and not go ahead with this .

Thanks Vijay we all hope SEBI will consider valid questions

SEBI CAN BRING RIA, PROVIDED THE SAME IS APPLICABLE FOR ADVISING AN EQUITY, PMS, AIF, FUTURES, OPTIONS, COMMODITIES AND ALSO MF. WITH DEALER CERTIFICATION, ONE CAN ADVISE HDFC BANK TO BUY, BUT IFA CAN NOT ADVISE TO INVEST EVEN IN HDFC DEBT FUND? ALL SEBI REGULATED PRODUCTS SHOULD BE GOVERNED UNDER RIA, INCLUDING EQUITY, PMS, AIF, ETC.

I sincerely hope that SEBI Chairman and SEBI Board considers the 3 questions Raised by you. FIFA has submitted a detailed representation to SEBI Chairman and SEBI Board members. We hope that AMCs and AMFI are also raising these issues as vigorously. I would like to raise 1 more question to SEBI Chairman and SEBI Board : Do they want Mutal Funds to be the preferrred vehicle for retail investments ? The steps they are taking will make it a Rich Mans product. !!! We pray that better sense prevails.

Excellent final summing by a very competent lawyer in front of judge !!! But I am afraid judge has already made up his mind. IFA community will have to explore avenues to take their case to higher authority.

Thanks Vijay for putting up right perspective. Its Correct Impact Analysis. Hope SEBI will retrospect.

Yes, SEBI must consider these valid questions before coming out with RIA regulations.

I DONT UNDERSTAND WHY MR. SINHA WANT TO GET LOT AND LOT OF BADDUAs FROM IFAs WHEN HE IS GOING TO RETIRE. I UNDERSTAND BANKERS AND BIG IFAs WILL BLESS HIM HEATEDLY BECAUSE THIS STEP WILL ENHANCE THEIR BUSINESS AND DESTROY SMALL IFAs FROM THE MARKET. GOD BLESS MR SINHA.

Hope its heard

On the face pointers. Kudos to you and your team. Although SEBI chief isnt answerable to everyone of us, these questions seek response. Silence from SEBI will speak its own language.

Thanks Vijay , Can we approach government this way . Might be they listen .

Prestige issues and unilateral decisions are the order of the day. Imposition rather consensus has plagued our policy makers. No one can be indifferent when so much of thought and debate has been generated and feedbacks have been given from time to time over the last few years. However, lot seems to be left for wishfull thinking and continued hope. God bless our Regulators any may sanity prevail. JAi HIND

Mr Vijay, Very well summed up data ,it reflects the right scenario of the impact and subsequent consequences!!

Hi Sebi is trying to reduce expenses than why RIA fees has been increased to 5 lacs from 1 lac in 2013?? Why AMFI has different fee structure for Pvt.ltd. And Limited??? This move will ultimately makes investors for only Index funds . Which will bring democracy in return on investmen.

As Direct was final nail in the coffin for Institutional Players, RIA regulation in its current context will be the final nail in the coffins for almost all IFAs. One more regressive step by SEBI. How will they have retail penetration? Financial literacy is so low in our country, only IFAs have been instrumental in bringing some sanity in Investor portfolios. Left to themselves, Investors will be their own biggest enemies with their emotional quotient & now their low literacy quotient.

Very relevant question, a regulator must consider these statistics before going to any decision.