SEBI Publishes New Guidelines for Investment Adviser Applications
Moneylife Digital Team 27 September 2022
Markets regulator Securities and Exchange Board of India (SEBI) on Monday issued modalities for investment adviser applications, asking all the new and existing applicants to approach BSE Administration and Supervision Ltd (BASL) for registration-related activities.
In June 2021, SEBI, recognised BASL, a wholly-owned subsidiary of BSE to act as an investment adviser administration and supervisory body (IAASB) for a period of three years.
As per the provisions of investment advisers rules, the administration and supervision of investment advisers (IAs) has been delegated to BASL. All the new IA applicants, as well as the existing IAs have been asked to approach BASL for registration and post registration activities related to investment advisers, said SEBI in a statement.
Applicants can refer to the framework issued by BASL regarding revised process for seeking membership from BASL and registration from SEBI.
According to the regulations, BASL must oversee IAs on-site and off-site, resolve client and IA complaints, and take administrative measures such as warnings and referrals to SEBI for enforcement action.
Additionally, it must keep a database and monitor IA actions by receiving periodic reports and submitting those findings to SEBI.
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