SEBI in its interpretative letter has clarified that a trading member or its group entity cannot receive any broking income from advisory clients while providing execution services whenever such execution is emanating from advice offered by the trading member as an investment adviser.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021154/trading-members-can’t-receive-broking-income-from-advisory-clients-for-execution-services-sebi.aspx
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