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.
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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.
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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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