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Yesterday Sebi released several discussion papers to tame the last wild west frontier in wealth management - Alternative Investment Funds (#AIFs). Why? What has Sebi proposed?
The lack of regulation was pushing the industry to sell AIFs and collect high commissions rather than highly regulated mutual funds. 4-5% upfront commissions in some cases
What has Sebi proposed? 3 things: 1) Make it compulsory for AIFs to have a commission-free direct option. Post this, it will be easier for direct investors to buy and Registered Investment Advisors (RIAs) to offer them to their clients. RIAs are not allowed to collect commissions
