Market regulator Sebi has allowed five entities, including Edelweiss Investment and Principal Retirement, to act as investment advisers. Aroha Capital and two individuals have also been registered as investment advisers apart from Edelweiss Investment and Principal Retirement.
With the latest approvals, there are now 16 registered investment advisers in the country, according to the list published by Securities and Exchange Board of India (Sebi).
As part of efforts to protect the interest of investors, Sebi had earlier this year introduced the idea of investment advisers.
In August, 2013, Sebi had granted registration to 11 entities, including ICICI Securities, IFMR Investment Adviser Services, Sensage Financial Services and Valuefy Solutions.
Sebi has directed all entities seeking to act as investment advisers to get registered with the market regulator by October 21 to continue their services.
The market regulator in a notification in January had made it compulsory for investment advisers to first obtain a certificate of registration for the same.
In May, Sebi had issued guidelines about how to seek registration as investment advisers, rules for which were notified after month-long consultation process to tackle the menace of investors being duped by fraudulent entities offering misleading advice.
The norms require the investment advisers to submit various details about their activities, including disclosure of issues that could result in conflict of interests.
Around 20 entities had sought approval to act as investment advisers at the end of July 31, according to Sebi data published earlier.