In its new set of rules for an estimated USD-1 trillion wealth management industry, Sebi is planning to set up an intermediary regulatory body with representation from among the wealth managers themselves.

In the proposed self-regulatory model, the market watchdog will put the onus entirely on wealth managers for compliance to the regulations and the new entity to be created under Sebi’s guidance would work as the first-stage regulator as also market development authority, a senior official said.

The decision to set up a self-regulatory organisation for wealth managers has been taken with a twin objective of regulating them without hampering the growth prospects of this burgeoning segment of financial services sector, he added.

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