Starting a partnership firm or LLP to invest in capital market

I want to invest my family members and realtives money in stock market. They all are also read . So i was thinking of opening a partnership firm or LLP, and making all my relatives who want to invest, my partners in company and thus pooling their money. So that i can handle everyone's money as one. Therefore i want to know is this comply with rules and regulations or do i have to take any license or permission form SEBI or RBI or any regulatory bodies to establish a partnership firm or LLP. Also you should know that all of my relatives are ready to become partners in the company and given their consent to me to handle their money.