MUMBAI: The Securities and Exchange Board of India (Sebi) on Monday said that an individual investment advisors cannot provide distribution services to clients, as the markets regulator segregated advisory and distributing activities. In a press release, the markets regulator said it will introduce an upper limit on the fees charged to clients by investment advisers. Sebi also said that there will be an enhanced eligibility criteria for registration as an investment advisor, including net worth, qualification and experience requirements. However, the existing individual investment advisers will be grandfathered from complying with the enhanced qualification and experience norms. With an aim to facilitate use of latest fintech innovations in capital markets, Sebi on Monday decided to allow live testing of new products, services and business models by market players on select customers, PTI reported. The regulatory markets also approved provisions for fast-tracking rights issue of units by REITs and InvITs. The markets regulator also said that as an alternative to the requirement of 5 years' experience in the infrastructure sector for investment manager of an InvIT, the combined relevant experience of not less than 30 years of directors, partners and employees of the investment manager will also be considered. The Sebi board also approved the proposal to amend regulations providing for non-bank custodians in addition to bank-custodian to offer custodian services for gold or gold-related instruments of Gold ETFs. Separately, the board decided that the sponsor or the asset management company will invest in closed-ended schemes as well.