“SEBI has been trying to introduce a fiduciary responsibility for intermediaries. It is clearly trying to remove the conflict of interest. For mutual fund distributors, trying to determine the appropriateness of products for clients itself is advice. So SEBI should try to plug these loopholes by clearly defining what is appropriateness," says Kunal Bajaj, CEO and Co-Founder, Clearfunds. Clearfunds is a robo advisory platform registered with SEBI as RIA which offers direct plans.