New Delhi, Sept. 18 -- A growing demand for advice among high net-worth individuals (HNIs) is pushing banks to offer advisory services and platforms. Many large banking groups, including ICICI Bank, Axis Bank and Kotak Mahindra Bank either have advisory businesses or have recently launched them.
Most recently, Axis Securities, the broking arm of Axis Bank, launched its own investment advisory service in August.
The shift by banking groups into advisory has come up against the barrier of regulations by the Securities and Exchange Board of India (Sebi) on advisers. This has pushed some banks to wrap advisory into portfolio management services (PMS) and alternate investment funds (AIFs), which come with high-ticket sizes. The net result has ...