How much disclosure is good? The answer to this question will decide if the 18 March circular issued by the Securities and Exchange Board of India, or Sebi, (you can read it here:http://bit.ly/1pwzzTf ) is a good idea or not. The background first: Sebi has been trying to get mutual fund sellers to decide if they are chemists or doctors. If, as chemists, they simply vend the product, then they earn the commission from the product. If they choose to be doctors, they do not earn a product-linked commission, but take a fee directly from the investor. This neat view of the world was rolled out with the adviser regulation that encouraged sellers to choose between being a distributor and an adviser in January 2013. (You can read the regulation here:http://bit.ly/1RwpKBN . And three years later, with less than 381 people registered as investment advisers, Sebi has changed regulations one more time to force the industry into the two-bucket market structure.