SEBI in an interpretative letter has clarified that Investment advisers (IA) cannot manage funds as well as securities on behalf of their clients and should not contemplate about asking power of attorney (PoA) in this regard. SEBI said such advisers can only provide investment advice to clients. In a letter to SEBI, an IA had asked, whether its clients can at their volition grant a PoA to Waterfield authorising it to make enquiries concerning to the clients' accounts with the custodian.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021439/investment-advisers-cannot-manage-funds-securities-on-the-client’s-behalf-sebi.aspx
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