According to the regulations, no person shall act as an investment advisor unless he has obtained a certificate of registration from the SEBI. The regulator has exempted a few individuals, including those who give general advice in good faith, or insurance agents who give investment advice solely on insurance products, pension advisors, advocates, who advice their clients incidental to legal practice, from registration. An individual registered as an investment adviser should have the following minimum qualifications. The individual needs to a professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognised by the central or any state government or a recognised foreign university or institution.