Is it illegal to start a service to give calls for a profit, without any license?

i’ve come across several sites which provide tips/calls in lieu of a payment made to them(eg: http://www.trade4target.com, http://www.niftysureshot.com,…the list can go on). are those sites under a license which allows them to do so? am aware that its perfectly allright to give calls on forums, messengers etc but since the person is doing that without expecting any compensation, no licensing is necessary

there are several related questions here on tradingqna:

http://tradingqna.com/11789/is-legal-trade-using-friends-money-and-share-the-profit-loss?show=11789#q11789

http://tradingqna.com/6649/legal-accept-money-clients-trade-with-profit-sharing-basis

http://tradingqna.com/5629/clients-money-profits-legalize-registering-company-india?show=5654#a5654

http://tradingqna.com/12217/instead-becoming-distributor-collect-individual-analysis

You can but you need to have a relavant license from SEBI such as - Investment Advisor, Individual Research Analyst, PMS Manager etc.

k…but am not even touching the client’s account. just providing calls over an instant messenging service. a license is required for that too?

Yes, you need licence. Suggest you go through SEBI website, they have all info that you require.

thanks karthik