Transparency is the foundation of Aequus Money. This page covers everything regulators (and you) should know about how I'm registered, how I earn, and what conflicts of interest exist in my work.
1. Who we are
2. Regulatory status
I am a Mutual Fund Distributor (MFD) registered with AMFI under ARN-348293. I am NOT a SEBI Registered Investment Advisor (RIA).
What this distinction means
- As an MFD, I earn commissions from mutual fund houses (AMCs) for investments made through me. I do not charge any advisory fees from clients.
- SEBI RIAs operate the opposite way — they charge clients direct fees and cannot earn commissions.
- Both models are legal and regulated in India. Each has its own pros and cons depending on the investor's needs.
- If your situation is better suited to a SEBI RIA, I will recommend you consult one.
3. How I earn money
3.1 Mutual fund commissions
Mutual fund houses (Asset Management Companies, or AMCs) pay me a trail commission for the assets you keep invested through me. Typical rates:
- Equity mutual funds: 0.5% to 1.0% per annum of the invested amount
- Debt mutual funds: 0.2% to 0.5% per annum
- Hybrid funds: 0.4% to 0.8% per annum
- ELSS (tax-saving): 0.5% to 1.0% per annum
This is paid by the AMC, not by you directly. The percentages are factored into the fund's expense ratio. I will share exact commission figures with you for any specific fund before you invest.
3.2 Insurance commissions
Insurance products are distributed through Wealthy (IRDAI-licensed). Commissions are paid by the insurance company:
- Term insurance: Year 1: 25–35% of premium · Years 2+: 5–10% renewal commission
- Health insurance: Year 1: 15–25% of premium · Years 2+: 7–15% renewal commission
3.3 Demat / brokerage
Account opening referrals through Wealthy may earn me a one-time referral fee. Per-trade brokerage is charged by the broker, not by me.
3.4 Portfolio Management Service (PMS)
For HNI clients invested through SEBI-registered PMS providers (typically ₹50L+ corpus), distributors may earn 1–1.5% of the AUM annually, paid by the PMS provider. Exact terms are disclosed before any PMS recommendation.
4. Conflict of interest disclosure
Because I earn commissions from financial product manufacturers, a structural conflict of interest exists between my income and your best interest. I take the following steps to manage this:
- I will never recommend a product solely because it pays higher commission.
- I prefer direct, low-cost, low-commission products (term insurance over ULIPs, plain mutual funds over NFOs/closed-ended schemes) even though they earn me less.
- I disclose commissions before every transaction so you can independently assess fit.
- I will tell you if a SEBI RIA, a direct mutual fund plan, or simply doing nothing is the better option for you.
- I do not push ULIPs, endowment plans, or money-back policies — these have high commissions but are usually bad for the investor.
5. Products I do NOT distribute
For ethical reasons, I do not recommend or facilitate:
- Unit-Linked Insurance Plans (ULIPs)
- Endowment / money-back insurance policies
- Stock tips or daily trading advice
- Crypto, F&O speculative trading, or high-leverage products
- Real estate investments or unregulated alternative assets
- "Guaranteed return" schemes (any such claim is a red flag)
6. Limitations
- I am one person — not a firm with a research team. My research draws from publicly available data, regulatory filings, AMC reports, and trusted secondary sources.
- Past performance of mutual funds does not guarantee future returns.
- I cannot predict markets. My role is to set up sensible long-term portfolios, not to time the market.
- Tax laws and regulations may change. I will inform you of material changes affecting your portfolio, but you are responsible for your own tax filings.
7. Mandatory regulatory disclaimers
Mutual Fund disclaimer: Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. Past performance is not indicative of future returns.
Insurance disclaimer: Insurance is the subject matter of solicitation. The premium rates and benefits described are illustrative; actual rates depend on the insurer, your age, health, and policy terms. Read the policy wording carefully before purchase.
Investment disclaimer: All securities and financial market investments carry risk including possible loss of principal. Aequus Money / Kunal Sehgal does not guarantee any specific outcome or rate of return.
8. Regulator contact details
- AMFI: amfiindia.com
- SEBI: sebi.gov.in · SEBI SCORES (investor complaints): scores.gov.in
- IRDAI: irdai.gov.in · IRDAI Bima Bharosa: bimabharosa.irdai.gov.in
9. Updates to disclosures
This disclosures page is updated when there are material changes to my registrations, partnerships, or fee structures. The "Last updated" date at the top reflects the most recent change.