Ch.18: Key Regulations

If agreed by the client, Investment Advisers (IAs) may charge fees in advance, but such advance shall not exceed fees for a period of:

Regarding client-level segregation of advisory and distribution activities, what is true for an individual investment adviser?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred or the fee collected during the financial year exceeds three crore rupees, whichever is earlier. For how long is this in-principle registration valid to assist in the transition?

When an investment adviser uses Artificial Intelligence (AI) tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data and the investment advice based on AI output?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds:

Which of the following statements is true regarding the segregation of advisory and distribution activities for a non-individual investment adviser?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred at any point of time or the fee collected during the financial year exceeds:

What is the maximum number of clients a part-time investment adviser is permitted to have at any point of time?

According to SEBI regulations, an investment adviser shall not enter into transactions on its own account which are contrary to its advice given to clients for a specific period. What is this period, and what is the exception?

An investment adviser is required to maintain various records. Which of the following statements regarding record maintenance is INCORRECT?

When using tools like surveys or questionnaires for risk profiling, an investment adviser must ensure certain conditions are met regarding the questions asked. Which of the following is NOT a required condition?

An investment adviser provides advice to a client. For what period is the investment adviser restricted from entering into transactions on its own account that are contrary to this advice?

If agreed by the client, an Investment Adviser (IA) may charge fees in advance. However, such advance fees shall not exceed fees for a period of how many years?

An investment adviser acts in a fiduciary capacity towards its clients and must disclose all conflicts of interests as and when they arise. Which of the following is also a general obligation regarding remuneration?

Which of the following statements regarding client-level segregation of advisory and distribution activities is INCORRECT?

With which entity must an investment adviser maintain the specified deposit, marked as a lien?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients or fee collected during the financial year exceeds which of the following thresholds, whichever is earlier?

An investment adviser shall not enter into transactions on its own account which is contrary to its advice given to clients for a period of fifteen days from the day of such advice. Under what condition can this rule be overridden?

If a non-individual investment adviser appoints an independent professional (e.g., a member of ICAI) for monitoring compliance, who is ultimately responsible for monitoring the compliance in respect of SEBI requirements?

As per SEBI regulations, an investment adviser is prohibited from receiving consideration by way of remuneration or compensation or in any other form from which of the following sources in respect of the underlying products or securities for which advice is provided?

A non-individual investment adviser must appoint a compliance officer. Alternatively, if an independent professional is appointed for monitoring compliance, who is responsible for submitting an undertaking to SEBI stating responsibility for monitoring compliance?

For how long must an investment adviser maintain records such as Know Your Client (KYC) records and suitability assessments?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain threshold OR the fee collected during the financial year exceeds a certain amount, whichever is earlier. What are these thresholds?

What is the maximum number of clients a part-time investment adviser is permitted to have at any point of time?

For how long is an investment adviser required to maintain records related to Know Your Client (KYC), risk profiling, and suitability assessment of the advice provided, in physical or electronic format?

An investment adviser is prohibited from entering into transactions on their own account which are contrary to their advice given to clients for a specific period. What is this period, unless a revised assessment is provided to the client at least 24 hours in advance?

According to the regulations, which of the following scenarios concerning client-level segregation of advisory and distribution activities is permissible?

An individual investment adviser's number of clients exceeds three hundred. What is the immediate next step for this individual investment adviser as per the regulations?

An Investment Adviser (IA) can charge fees in advance from a client. What is the maximum period for which such advance fees can be collected, if agreed by the client?

When an investment adviser uses questionnaires for risk profiling, which of the following practices is explicitly advised AGAINST in the regulations?

With which entity must an investment adviser maintain the specified deposit, marked as lien?

An individual registered as an investment adviser reaches 350 clients. What is the immediate regulatory requirement for this individual?

If an investment adviser provides advisory services for products or services which are outside the purview of SEBI, what specific disclosure must be made to the client?

In respect of the underlying products or securities for which advice is provided, an investment adviser shall not receive any consideration by way of remuneration or compensation or in any other form from which of the following?

Which of the following statements is true regarding client-level segregation of advisory and distribution activities for an individual investment adviser?

Under SEBI regulations, an individual registered as an investment adviser whose number of clients exceeds three hundred at any point of time, or the fee collected during the financial year exceeds three crore rupees, whichever is earlier, shall:

An individual registered as an investment adviser must use which specific term in all their correspondences with clients?

The fee-related provisions, such as fee limit, modes of payment, refund of fees, advance fee, and breakage fees, are applicable only to specific types of clients. For which client types do these provisions apply?

If an investment adviser provides advisory services for products or services that are outside the purview of SEBI, what specific disclosure must be made to the client?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain threshold, or their fee collected during the financial year exceeds a certain amount, whichever is earlier. What are these thresholds?

When using questionnaires for risk profiling, which of the following practices is NOT permitted for an investment adviser?

An investment adviser provides advice to a client on a particular security. According to the regulations, what is the restriction on the investment adviser entering into transactions on its own account which is contrary to this advice?

An investment adviser gives advice to a client. For how long is the adviser restricted from entering into transactions on their own account that are contrary to this advice, unless a revised assessment is provided?

The fee-related provisions, such as fee limit, modes of payment, refund, advance fee, and breakage fees, are applicable only to which of the following client categories?

An investment adviser is required to maintain a deposit with a scheduled bank. In whose favor must this deposit be marked as a lien?

An investment adviser acts in what capacity towards its clients?

An investment adviser is prohibited from entering into transactions on its own account that are contrary to advice given to clients for a specific period. What is this initial restriction period?

When an investment adviser uses questionnaires for risk profiling, which of the following practices is specifically advised AGAINST in the text?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client (KYC) details, risk profiling, suitability assessments, and client agreements?

For what minimum period is an investment adviser required to maintain records such as Know Your Client (KYC) records, risk profiling, and suitability assessments?

For a non-individual investment adviser, what is the regulation regarding client-level segregation of advisory and distribution activities within its group?

According to SEBI regulations, an individual registered as an investment adviser must use which term in all correspondences with clients?

What is the minimum period for which an investment adviser is required to maintain records in physical or electronic format?

According to the client-level segregation rules for a non-individual investment adviser's 'group', which of the following statements is TRUE?

What is the maximum number of clients a part-time investment adviser can have at any point of time?

With which entity must an investment adviser maintain the required deposit, marked as a lien?

For what primary purpose is the deposit maintained by an investment adviser available for utilization?

In its relationship with clients, an investment adviser is primarily required to act in what capacity?

What is the maximum number of clients a part-time investment adviser can have at any point of time?

Which of the following statements is TRUE regarding client level segregation of advisory and distribution activities for a non-individual investment adviser?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred at any point of time OR the fee collected during the financial year exceeds which amount, whichever is earlier?

An investment adviser shall not enter into transactions on its own account which is contrary to its advice given to clients for a period of how many days from the day of such advice?

What is the maximum number of clients a part-time investment adviser can have at any point of time?

If agreed by the client, for what maximum period can Investment Advisers and Research Analysts charge fees in advance?

According to SEBI regulations, what term must individuals registered as investment advisers use in all their correspondences with clients?

Which of the following information is NOT explicitly mentioned as necessary for an investment adviser to obtain from a client for the purpose of giving investment advice, according to the text?

What term must individuals registered as investment advisers use in all their correspondences with clients?

Which of the following statements about fees charged by an Investment Adviser (IA) is correct?

When an investment adviser uses Artificial Intelligence tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data, and the investment advice based on AI tool output?

An individual investment adviser is required to apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred at any point of time OR if the fee collected during the financial year exceeds what amount?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client records, risk profiling, and suitability assessments?

Under what specific condition can an investment adviser enter into a transaction on its own account that is contrary to advice given to clients, within the usual 15-day restricted period?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain limit OR the fee collected during the financial year exceeds a specific amount. What are these thresholds?

What term must individuals registered as investment advisers use in all their correspondences with clients?

When using risk profiling tools such as questionnaires, which of the following is NOT a requirement for the investment adviser to ensure regarding the questions or descriptions used?

An individual investment adviser is required to apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain limit OR their fee collected during the financial year exceeds a certain amount. What are these thresholds?

Which of the following statements regarding an Investment Adviser's obligations for fees and record keeping is TRUE?

For how long is an investment adviser required to maintain Know Your Client (KYC) records of a client?

For what minimum period is an investment adviser required to maintain Know Your Client (KYC) records of the client?

Which of the following statements accurately describes the client-level segregation requirements for investment advisory and distribution activities?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client (KYC) records, risk profiling, and suitability assessments?

When an investment adviser uses Artificial Intelligence (AI) tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data, and the investment advice derived from AI tool output?

An Investment Adviser (IA) can charge fees in advance from a client. What is the maximum period for which such advance fees can be collected, if agreed by the client?

The fee-related provisions, such as fee limit, modes of payment, refund of fees, advance fee, and breakage fees, are applicable only to which specific client categories?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client records, risk profiling, suitability assessments, and copies of agreements with clients?

An individual investment adviser is required to apply for grant of in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain limit or the fee collected during the financial year exceeds a certain amount, whichever is earlier. What are these thresholds?

For what minimum period is an investment adviser required to maintain records such as Know Your Client (KYC) documents, risk profiling, and suitability assessments?

An investment adviser gives advice to a client. When can the investment adviser enter into a transaction on its own account that is contrary to this advice?

If a non-individual investment adviser appoints an *independent professional* (instead of a dedicated compliance officer) for monitoring compliance, what additional requirement must be met?

Which of the following statements is TRUE regarding the segregation of advisory and distribution activities as per SEBI regulations for investment advisers?

As per general obligations, an investment adviser shall not receive any consideration by way of remuneration or compensation from any person other than:

If agreed by the client, an Investment Adviser (IA) may charge fees in advance, but such advance shall not exceed fees for a period of:

An investment adviser is generally prohibited from entering into transactions on its own account which are contrary to its advice given to clients for a specific period. What is this period, and under what condition can this prohibition be overridden?

A non-individual investment adviser must appoint a compliance officer. Alternatively, they can appoint an independent professional who is a member of specific institutes. Which of the following is an additional mandatory requirement for such an independent professional?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain threshold OR the fee collected during the financial year exceeds a specific amount. What are these thresholds?

What is the maximum number of clients a part-time investment adviser shall have at any point of time?

For how long is an investment adviser required to maintain records, such as Know Your Client records and suitability assessments, in physical or electronic format?

For a non-individual investment adviser, if an independent professional (e.g., a member of ICAI) is appointed for monitoring compliance instead of a dedicated compliance officer, who is responsible for submitting an undertaking to SEBI regarding compliance monitoring?

What is the maximum number of clients a part-time investment adviser is permitted to have at any point of time?

What is the maximum number of clients a part-time investment adviser is permitted to have in total at any point of time?

What is the maximum number of clients a part-time investment adviser can have in total at any point of time?

According to SEBI regulations, which term must an individual registered as an investment adviser use in all correspondences with clients?

As per SEBI regulations, what is the maximum number of clients a part-time investment adviser can have at any point of time?

For how long must an investment adviser maintain records such as Know Your Client (KYC) documents, risk profiling, and suitability assessments?

If agreed by the client, an Investment Adviser (IA) may charge fees in advance. However, such advance shall not exceed fees for a period of:

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds what threshold?

When an investment adviser uses Artificial Intelligence (AI) tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data, and the investment advice based on AI output?

An Investment Adviser recommends an investment product to a client that falls outside the purview of SEBI. Which of the following is a mandatory disclosure in this scenario?

An investment adviser provides advice to a client. For what period from the day of such advice is the investment adviser prohibited from entering into transactions on its own account that are contrary to this advice, unless a revised assessment is given to the client at least 24 hours in advance?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain limit or the fee collected during the financial year exceeds a certain amount, whichever is earlier. What are these thresholds?

From whom is an investment adviser permitted to receive consideration (remuneration or compensation) in respect of the underlying products or securities for which advice is provided?

An investment adviser has given advice to clients. Under what circumstances can the investment adviser enter into a transaction on its own account that is contrary to this advice, within the usual restricted period?

Which of the following statements is TRUE regarding the appointment of a compliance officer for a non-individual investment adviser?

What is the maximum number of clients a part-time investment adviser can have in total at any point of time?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds a certain limit or the fee collected during the financial year exceeds a specific amount, whichever is earlier. What are these thresholds?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds what threshold at any point in time?

For what specific purpose shall the deposit maintained by an investment adviser with a scheduled bank be available?

In the context of fees charged by an Investment Adviser, for which type of clients do fee-related provisions such as fee limit, modes of payment, refund, advance fee, and breakage fees apply?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their client count or fee collection exceeds which of the following thresholds?

With which entity must an investment adviser maintain the specified deposit, marked as a lien in favor of a SEBI recognized body?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds what limit, or if the fee collected during the financial year exceeds what amount, whichever is earlier?

If a non-individual investment adviser appoints an independent professional (e.g., a member of ICAI) instead of a dedicated compliance officer for monitoring compliance, who is ultimately responsible for monitoring compliance in respect of SEBI requirements?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred at any point of time OR if the fee collected during the financial year exceeds what amount, whichever is earlier?

If agreed by the client, what is the maximum period for which an Investment Adviser (IA) can charge fees in advance?

An investment adviser has provided advice to a client. For how many days from the day of such advice is the investment adviser generally prohibited from entering into transactions on its own account which are contrary to that advice?

What is the maximum number of clients a part-time investment adviser can have at any point of time?

For what primary purpose is the deposit maintained by an investment adviser available for utilization?

What term must individuals registered as investment advisers use in all their correspondences with their clients?

An investment adviser is prohibited from entering into transactions on its own account that are contrary to the advice given to clients for a specific period. What is this period?

Regarding client-level segregation of advisory and distribution activities for a non-individual investment adviser, which statement is true?

Regarding fees charged by an Investment Adviser, which of the following statements is correct?

An investment adviser is generally prohibited from entering into transactions on their own account that are contrary to advice given to clients for a period of fifteen days. Under what specific condition can an investment adviser make such a transaction within this restricted period?

Which of the following statements is TRUE regarding the segregation of advisory and distribution activities for an Investment Adviser?

For what minimum period is an investment adviser required to maintain records such as Know Your Client (KYC) records, risk profiling, suitability assessments, and investment advice provided?

With which entity must an investment adviser maintain the specified deposit, marked as a lien in favor of a SEBI-recognized body?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client (KYC) documents, risk profiling, and suitability assessments?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client (KYC) details, risk profiling, and suitability assessments?

An investment adviser must conduct a yearly audit for compliance with regulatory requirements. From which of the following professional bodies must the member conducting this audit belong?

For how long is an investment adviser required to maintain Know Your Client records, risk profiling, and suitability assessment records, among others, in physical or electronic format?

What is the maximum number of clients a part-time investment adviser is permitted to have at any point of time?

Which of the following is TRUE regarding client level segregation of advisory and distribution activities?

An investment adviser provides advice to a client. What is the rule regarding the investment adviser entering into a transaction on their own account that is contrary to this advice?

Where must an investment adviser maintain the deposit as specified by SEBI?

An investment adviser is generally prohibited from entering into transactions on its own account that are contrary to its advice given to clients for a specific period. What is this period?

An investment adviser is generally prohibited from entering into transactions on its own account that are contrary to its advice given to clients for a period of fifteen days. Under what condition can this restriction be relaxed?

What is the maximum number of clients a part-time investment adviser can have at any point in time?

For a minimum period of how many years is an investment adviser required to maintain records in physical or electronic format?

An investment adviser gives advice to a client. For how long is the investment adviser restricted from entering into transactions on its own account that are contrary to this advice, unless a revised assessment is provided?

An individual registered as an investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients exceeds three hundred at any point of time OR the fee collected during the financial year exceeds which amount?

An investment adviser gives advice to a client. When can the investment adviser enter into transactions on their own account that are contrary to this advice?

In the context of client level segregation of advisory and distribution activities for a non-individual investment adviser, which statement is TRUE?

When an investment adviser uses questionnaires for risk profiling clients, which of the following is a mandatory requirement?

If agreed by the client, an Investment Adviser (IA) may charge fees in advance. What is the maximum period for which such advance fees can be collected?

The fee-related provisions, such as fee limit, modes of payment, refund, and advance fees, are specifically applicable to which type of clients?

In the context of client level segregation for a non-individual investment adviser, what does the 'Explanation' clarify regarding a single client?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients or fees collected exceed which of the following thresholds?

What is the minimum period for which an investment adviser is required to maintain records such as Know Your Client (KYC) records, risk profiling, and suitability assessment?

A non-individual investment adviser operates within a 'group'. According to SEBI regulations, which of the following statements correctly describes the client-level segregation requirement for such a group?

The fee-related provisions such as fee limit, modes of payment, refund, advance fee, and breakage fees are applicable only to which type of clients?

If an investment adviser uses Artificial Intelligence tools for servicing clients, who is solely responsible for the security, confidentiality, integrity of client data, and compliance with any law for the time being in force?

Which of the following independent professionals can be appointed by a non-individual investment adviser for monitoring compliance, provided such a professional holds a relevant NISM certification?

An investment adviser shall not receive any consideration by way of remuneration or compensation or in any other form from which of the following, in respect of the underlying products or securities for which advice is provided?

What is the maximum number of clients a part-time investment adviser is permitted to have in total at any point of time?

When an investment adviser uses Artificial Intelligence (AI) tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data, as well as the investment advice based on AI output?

For a non-individual investment adviser, which of the following is true regarding the appointment of a compliance officer?

Which of the following statements is true regarding an individual investment adviser's involvement with distribution services?

An investment adviser is generally prohibited from entering into transactions on its own account contrary to advice given to clients for a period of fifteen days. Under what specific condition can the investment adviser enter into such a transaction within this 15-day period?

For how long must an investment adviser maintain records in physical or electronic format?

A non-individual investment adviser must appoint either a compliance officer or an independent professional. If an independent professional is appointed for monitoring compliance, who is ultimately responsible for monitoring compliance in respect of SEBI requirements?

Which of the following actions is an investment adviser explicitly PROHIBITED from doing under general obligations?

An investment adviser is generally prohibited from entering into transactions on its own account which are contrary to its advice given to clients for a specific period. What is this period, and under what condition can this prohibition be overridden?

An investment adviser is required to act in what capacity towards its clients?

Which of the following is NOT explicitly mentioned as a required aspect to assess a client's risk in the risk assessment process?

For how long is an investment adviser required to maintain records such as Know Your Client (KYC) records, risk profiling, suitability assessments, and client agreements?

As per SEBI regulations, an investment adviser is prohibited from receiving consideration by way of remuneration or compensation from which of the following sources?

What is the maximum number of clients a part-time investment adviser can have at any point in time?

According to SEBI regulations, what term must individuals registered as part-time investment advisers use in all their correspondences with clients?

If a non-individual investment adviser appoints an independent professional (e.g., a member of ICAI) to monitor compliance, what additional requirement must be fulfilled regarding responsibility?

An individual investment adviser must apply for in-principle registration as a non-individual investment adviser if their number of clients or fee collected crosses specific thresholds. What are these thresholds?

An individual investment adviser has reached a threshold requiring them to transition to a non-individual investment adviser. What is the validity period for the in-principle registration granted for this transition?

What is the primary purpose for which the deposit maintained by an investment adviser with a scheduled bank, marked as a lien, is available for utilization?

Which of the following statements is TRUE regarding the segregation of advisory and distribution activities for an individual investment adviser?

Which of the following statements is TRUE regarding the appointment of a compliance officer for a non-individual investment adviser?

Under which of the following conditions is an individual investment adviser required to apply for grant of in-principle registration as a non-individual investment adviser?

Which of the following best describes an investment adviser's obligation regarding conflicts of interest?

An investment adviser provides advice to a client. Under normal circumstances, for what period is the investment adviser prohibited from entering into transactions on its own account that are contrary to this advice?

An investment adviser is required to act in what capacity towards its clients?

An individual investment adviser is required to apply for in-principle registration as a non-individual investment adviser if which of the following conditions is met?

As per SEBI regulations, what term must individuals registered as investment advisers use in all their correspondences with clients?

An investment adviser provides advice to a client. Under what condition can the investment adviser enter into a transaction on its own account that is contrary to this advice within 15 days?

Which of the following statements is TRUE regarding an Investment Adviser's obligations concerning fees and client segregation?

A non-individual investment adviser can appoint an independent professional as a compliance officer. This professional must be a member of one of the specified institutes and also hold a relevant certification from which body?

For what minimum period are investment advisers required to maintain client records in physical or electronic format?

What is the maximum period for which an Investment Adviser (IA) can charge fees in advance, if agreed by the client?

In case an investment adviser uses Artificial Intelligence tools for servicing clients, who is solely responsible for the security, confidentiality, and integrity of client data and the investment advice based on AI output?

Which of the following accurately describes the client-level segregation requirement for a non-individual investment adviser engaged in both advisory and distribution services?

What is the maximum period for which an investment adviser may charge fees in advance, if agreed by the client?

A non-individual investment adviser decides to appoint an independent professional for monitoring compliance instead of a dedicated compliance officer. Which of the following statements is true regarding this arrangement?

Which of the following statements regarding record maintenance by an investment adviser is INCORRECT?

An investment adviser has provided investment advice to a client. Under normal circumstances, for how many days must the investment adviser refrain from entering into transactions on its own account that are contrary to this advice?

For how long is an investment adviser required to maintain records such as Know Your Client (KYC) records, risk profiling, and suitability assessments?

Regarding client-level segregation of advisory and distribution activities, what is true for an individual investment adviser?

If agreed by the client, for what maximum period can an Investment Adviser (IA) or Research Analyst (RA) charge fees in advance?

What is the maximum number of clients a part-time investment adviser can have at any point of time?

An investment adviser shall not receive any consideration by way of remuneration or compensation or in any other form from any person other than the client being advised, in respect of which of the following?

An investment adviser is required to maintain a deposit with a scheduled bank. In whose favor must this deposit be marked as lien?

Which of the following pieces of information is NOT explicitly required to be obtained from a client by an investment adviser for the purpose of giving investment advice, as per the text?

A non-individual investment adviser must appoint a compliance officer or an independent professional. If an independent professional (e.g., a member of ICAI) is appointed for monitoring compliance, who is ultimately responsible for monitoring compliance in respect of SEBI requirements?

An investment adviser gives advice to clients. Under what condition may the investment adviser enter into a transaction on its own account that is contrary to its advice given to clients within the usual restricted period?

In case an investment adviser charges fees in advance from a client, what is the maximum period for which such advance fees can be collected?