Banking · Financial Services

Consider the following statements regarding banking and financial services in India: Statement 1: Wealth Management services provided by banks are a comprehensive set of financial services that combine financial and investment advice, accounting and tax services, retirement planning, and legal or estate planning for a specific fee. Statement 2: The Investment Advisor regulations issued by SEBI require a strict segregation of 'Investment Advisory' and 'Distribution Services' to prevent conflict of interest. Statement 3: Banks providing wealth management through a department must ensure that the persons providing advice have the necessary certifications from NISM and meet the 'Fit and Proper' criteria. Statement 4: Alternative Investment Funds (AIFs) are often offered to wealth management clients, and these are categorized into Category I, II, and III based on their investment strategy and regulatory frameworks. Statement 5: Gold Monetization Scheme (GMS) is a service where banks accept physical gold from customers and provide interest-bearing certificates, helping to mobilize idle gold for productive use in the economy. Statement 6: Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold, which banks sell as agents, providing an alternative to holding physical gold with an additional fixed interest per annum. Statement 7: Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) are investment vehicles that banks help customers invest in, providing exposure to large-scale real estate and infra projects with smaller capital. Which of the following is correct regarding these statements?