Which entities are exempted from registration under the SEBI (Investment Advisers or IA) Regulations 2013? Briefly explain.

Answer 4(b) Exemptions from registration under Investment Advisers Regulations The following entities have been exemptions from registration under the SEBI (Investment Adviser) Regulations, 2013: Any person who gives general comments in good faith in regard to trends in the financial or securities market or the economic situation where such comments do not specify any particular securities or investment product; Entities which are providing advice/incidental advice to their primary activity and are regulated by the respective regulator/self-regulatory body/institute. These include- Insurance agent or insurance broker; Any pension advisor; Any distributor of mutual funds; Any advocate, solicitor or law firm; Any member of Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost and Works Accountants of India, Actuarial Society of India or any other professional body; Any stock broker, portfolio manager or merchant banker registered under respective SEBI Regulations, who provides any investment advice to its clients incidental to their primary activity: However, such intermediaries shall comply with the general obligation(s) and responsibilities as specified in Chapter III of Investment Adviser regulations. Any fund manager of a mutual fund, alternative investment fund or any other intermediary, by whatever name called. Any person who provides investment advice exclusively to clients based out of India (except Non-Resident Indian or Person of Indian Origin). Any principal officer, persons associated with advice and partner of a registered investment adviser. However, such principal officer, persons associated with advice and partner shall comply with regulation 7 of these regulations; Any other person as may be specified by SEBI.