Markets regulator Securities and Exchange Board of India (SEBI) has barred investment advisers from advising on unregulated instruments like cryptocurrencies and digital gold, apart from other such products.
In a notification issued on Thursday, SEBI said that it has been noticed by it that some registered investment advisers have been engaged in “unregulated activities” by offering a platform for buying, selling and dealing in unregulated products.
This, it said, is a violation of provisions of Section 12(1) of SEBI Act 1992, and therefore investment advisers are suggested that they should refrain from undertaking such unregulated activities.
SEBI warned that if they dealt in any such activities, they may have to face action under provisions of the SEBI Act.
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