Advertisement
Tuesday, Nov 30, 2021
Outlook.com
Outlook.com

SEBI Asks Investment Advisers To Abstain From Dealing In Digital Gold

The regulator informed that engaging in any unregulated activity involving distribution, advisory and implementation services pertaining to digital gold would put them in contravention of the SEBI Act, 1992.

SEBI Asks Investment Advisers To Abstain From Dealing In Digital Gold
SEBI Asks Investment Advisers To Abstain From Dealing In Digital Gold
outlookindia.com
2021-10-21T20:50:36+05:30
Markets regulator Securities and Exchange Board of India (SEBI) asked investment advisers to abstain from dealing in unregulated products such as digital gold. The regulator informed that engaging in any unregulated activity involving distribution, advisory and implementation services pertaining to digital gold would put them in contravention of the SEBI Act, 1992. 
 
"Undertaking such unregulated activity including dealing (i.e., advisory, distribution and execution/ implementation services) in digital gold by Investment Advisers is not in accordance with the provisions of Section 12(1) of the SEBI Act, 1992 read with the SEBI (Investment Advisers) Regulations, 2013," SEBI's circular stated. 
  
Earlier in August, the National Stock Exchange directed its members, including stockbrokers to discontinue the sale of digital gold on their platforms by September 10. The direction came after the markets regulator noted that certain members are providing a platform to their clients for buying and selling digital gold. SEBI informed the exchange about its observations in a letter dated August 3.
 
The SCRR norms restrict members from engaging, either as principal or employee, in any business other than that of securities or commodity derivatives, except as a broker or agent, not involving any personal financial liability.         
 
(With inputs from PTI)
Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

After taking over as CTO of Twitter, Parag Agrawal’s main focus was on using AI and ML to identify hate speech and bots that were used to spread misinformation through the microblogging site.

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

The Omicron variant of Covid-19 has led to several discussions on WHO's method of naming virus variants on Greek alphabets. But terms like 'South Africa virus' have remained in use.

IPL 2022 Retention: Who Stays And Who Goes - Complete Team Lists

IPL 2022 Retention: Who Stays And Who Goes - Complete Team Lists

IPL Retention list was replete with full of expected names but there were some big omissions too. The mega auction will have a massive pool of stars that teams can now choose from.

Kashmir: Why Is BJP Predicting Doomsday For J&K 2 Years After Article 370 Abrogation

Kashmir: Why Is BJP Predicting Doomsday For J&K 2 Years After Article 370 Abrogation

The statement, issued by senior BJP leader of J&K Ashwani Kumar Chrungoo, raises concern for minorities living in Kashmir Valley.

Advertisement