Consumer RightsFinancial LiteracyMintMoneyMoney With MonikaMutual FundsPersonal FinanceUncategorizedAugust 5, 2020by Monika Halan0Money with Monika S4 E19. Sebi settles the doctor or chemist issue. Other regulators needs to do the same

The Securities and Exchange Board of India has become the first financial regulator to settle the debate regarding the classification of advisors and agents when it comes to financial instruments. Personal finance expert Monika Halan explains Sebi’s solution, comparing advisors to doctors, and agents to chemists. Agents are only supposed to sell products which customers seek, while advisors will make recommendations after assessing various factors related to the buyer. Meanwhile, other regulators like the Insurance Regulatory and Development Authority, and the Reserve Bank of India are still lagging behind. Is it time for the government to intervene? Monika Halan is consulting editor, Mint, and author of the book ‘Let’s Talk Money’.