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Wealth management services without CFA or MBA

vix (Executive) (42 Points)

28 January 2010

Hi,

I'm planning to start an LLP to provide wealth management services i.e. advising my client for equity buy/sell call, their portfolio management and something similar to MF like collecting money from and investing in stock market and provide better returns than markets to my clients.

Is it legal to start my business al though i do not have professional qualification - CA, CFA or MBA in finance ? Does indian company act allows me to perform these things if my clients are informed about same.

Please can any one quide me through and advice me.

Rgds

Vignesh A

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3 Replies

Mitali Agarwal (Company Secretary) (638 Points)
Replied 28 January 2010

The Companies Act, 1956 does not prescribe any professional qualification to become a partner in an LLP or Director in a Co.(be it an LLP with its object being providing Investment/portfolio management services). Views of other learned members are solicited.

But if we see pactically from business point of view, it is better to induct some professional partners to deal with the clients and create a good impression on them. Otherwise, experience in the filed is the Most important thing that Matters!!

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vix (Executive) (42 Points)
Replied 28 January 2010

Hi, Thanks for your response... I'm starting LLP along with my friend who is also interested in the same domain. In my LLP, as of now only we two are there and neither of us have these professional degree. So, I was wondering, if I'm allowed to start and provide these services to my client? And by doing this I'm not voilating any law. Rgds Vignesh A

Mitali Agarwal (Company Secretary) (638 Points)
Replied 28 January 2010

No, I don't think that there will be any violation provided LLP is formed as per provisions of LLP Act, 2008 You can gather other information from llp.gov.in.