Subject: File No. S7-25-99
From: Naryanan Ramasamy, Ph. D.
Affiliation: Individual Investor

August 24, 2004

I think that the primary duty and responsibility of an independent financial advisor and the one hired by a big company to sell its own products are still the same, to make sure the potential client knows any underlying conflict of interest.
Therefore I urge you to WITHDRAW your proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.
I am convinced that it is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore, if a company is PRIMARILY in the business of selling products, it should not be allowed to market itself as an advisor if it isnt willing to be regulated as such.
N. Ramasamy