Write notes on the following: Persons exempted from registration as investment advisor.

Regulation 4 of the SEBI (Investment Advisers) Regulations, 2013 provides that the following persons are exempted from the requirement of registration as Investment Advisor, subject to the fulfilment of the conditions stipulated therefore: 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. Any insurance agent or insurance broker who offers investment advice solely in insurance products and is registered with the Insurance Regulatory and Development Authority for such activity. Any pension advisor who offers investment advice solely on pension products and is registered with the Pension Fund Regulatory and Development Authority for such activity. Any distributor of mutual funds, who is a member of a self-regulatory organisation recognised by SEBI or is registered with an association of asset management companies of mutual funds, providing any investment advice to its client's incidental to its primary activity. Any advocate, solicitor or law firm, who provides investment advice to their clients, incidental to their legal practise. Any member of the 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 as may be specified by SEBI, who provides investment advice to their clients, incidental to his professional service. Any stock broker or sub-broker registered under SEBI (Stock Brokers) Regulations, 1992, Portfolio Manager registered under SEBI (Portfolio Managers) Regulations, 1993 or merchant banker registered under SEBI (Merchant Bankers) Regulations, 1992, who provides any investment advice to its client's incidental to their primary activity. However, such intermediaries shall comply with the general obligation(s) and responsibilities as specified in Chapter III of these regulations. Further, the existing portfolio manager offering only investment advisory services may apply for registration under these regulations after expiry of his current certificate of registration as a portfolio manager. Any fund manager, by whatever name called, of a mutual fund, alternative investment fund or any other intermediary or entity registered with SEBI. Any person who provides investment advice exclusively to clients based out of India. However, persons providing investment advice to Non-Resident Indian or Person of Indian Origin shall fall within the purview of these regulations. Any principal officer, persons associated with advice and partner of an investment adviser which is registered under these regulations. However, such principal officer, persons associated with advice and partner shall comply with these regulations. Any other person as may be specified by SEBI.