Subject: File No. S7-25-99
From: Samindra Supaari
Affiliation: Individual Investor

September 17, 2004

The name of this rule tells a confusing story. Every broker who calls, tells me that he or she has good investment advice for me. Many of them claim to offer investment advice programs that are free from commissions, stating that this removes bias from their advice. How, then, can the SEC grant them an exemption from being regulated as investment advisers, when they almost all claim to be investment advisers, even using job titles that describe themselves as advisers and consultants, never as brokers or sales people.

The rule exempting these people and firms from being deemed to be investment advisers ought to be completely scrapped, in my opinion. I did not emigrate to the United States from India only to find the same misleading practices that are so common back there. Please withdraw or otherwise remove this consumer-unfriendly and deceptive rule.