So Sebi has been or already has segregated the investment advisory and distribution businesses and thereby wont allow even family members of an investment adviser to be a distributor. That is what I understood.
What I want to ask and understand is "Does Referral / Associate Partner of say Zerodha also be counted as distribution ? Can a RIA be a Associate Partner of Zerodha and earn commission on the referral clients he gets to Zerodha ?