Securities and Exchange Board on India – SEBI has made it compulsory for investment advisors to first obtain a certificate of registration for the same. In a notification issued from Mumbai on Wednesday, SEBI said that in terms of Investment Adviser Regulations, no person shall act as an investment adviser unless he has obtained a certificate of registration from the Board or he is specifically exempt. In a move to curb the risks related to advisory services, the regulator said the investment adviser cannot enter into transactions on its own account contrary to the advice given to clients for at least 15 days from the day of such advice. SEBI has further said that advisors must disclose the fee they get for advice on a particular product, their holdings in products on which they are advising, the risks involved and any conflict of interest arising out of their association with issuers of the financial products. The market regulator said the applicant seeking to act as an investment adviser should make an application to SEBI in a prescribed format along with the necessary supporting documents. A time period of one year has been given for existing investment advisers to comply with necessary capital adequacy requirements.