Investment Advisors can now approach to BSE Administration and Supervision Ltd. (BASL) for registration and post registration activities. The information has been shared by the Securities and Exchange Board of India (SEBI) on its intermediary portal. On Monday, markets regulator Securities and Exchange Board of India (Sebi) issued modalities for investment adviser applications, asking all the new and existing applicants to approach BASL for registration related activities.
The portal also contains official email of BASL and details of the contact officials.
On 18 June, 2021, the market regulator granted recognition to BASL, to act as an Investment Adviser Administration and Supervisory Body (IAASB) for a period of three years from 1 June, 2021.
"As per Regulation 14 of the SEBI (Investment Advisers) Regulations 2013 (“IA Regulations”), SEBI may inter-alia recognize any body or body corporate for the purpose of regulating Investment Advisers (“IA”)and delegate administration and supervision of the IAs on such terms and conditions as may be specified. Accordingly, an entity granted recognition under the aforesaid Regulation shall be designated as “Investment Adviser Administration and Supervisory Body” (“IAASB”)and shall be entrusted with the administration and supervision of IAs," the circular said.
“In this regard, BSE Administration & Supervision Limited (BASL), a wholly owned subsidiary of BSE Limited, has been granted recognition as IAASB for a period of three years from June 01, 2021,” it said.
What BASL (IAASB) is required to do?
1) Supervision of IAs including both on-site and offsite
2) Grievance redressal of clients and IAs
3) Administrative action including issuing warning and referring to SEBI for enforcement action
4) Monitoring activities of IAs by obtaining periodical reports
5) Submission of periodical reports to SEBI
6) Maintenance of database of IAs
The administration and supervision of Investment Advisers (IAs) has been delegated to BASL under provisions of Regulation 14(2) of SEBI IA Regulations.
IA applicants as well as existing IAs can refer to BASL circular dated 18 July, 2022 to know the Revised Process for seeking Membership from BASL and Registration from SEBI.
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06:52 PM IST