Framework for Administration and Supervision of Investment Advisers

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Mumbai: Framework for Administration and Supervision of Investment Advisers. BSE Administration and Supervision Ltd. (BASL) has been granted recognition as Investment Adviser Administration and Supervisory Body (IAASB) for a period of three years from June 01, 2021, in accordance with SEBI (Investment Advisers) Regulations 2013.

 

SEBI circular ref. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/579 dated June 18’ 2021 prescribes the framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013. The regulations specify the roles of Investment Adviser Administration and Supervisory Bodies like BASL and the compliance framework for Investment Advisors relating to membership fees and reporting requirements.

Framework for Administration and Supervision of Investment Advisers. SEBI Registered Investment Advisers (RIA) are mandatorily required to obtain membership of BASL. All existing SEBI RIAs shall be required to submit their membership application and obtain their BASL membership before August 31’ 2021. Further, new applicants shall also be required to obtain the membership of BASL before applying for registration with SEBI as RIA.

 

The RIAs will be required to pay the Membership fees to BASL in the manner prescribed by BASL, at the time of payment of fees to SEBI in accordance with the Second Schedule to the IA Regulations, to keep their registration in force. All RIAs shall be required to comply with circulars/regulations/ guidelines, etc issued by SEBI and BASL from time to time.

 

BASL has issued detailed circulars on June 18’ 2021 and June 21’ 2021 on Framework for membership of Registered Investment Advisers and the same are available on the websites of BASL (https://www.bseasl.com/BASL_Circular.zip) and BSE (https://www.bseindia.com/downloads1/BSE_Administration_and_Supervision_Ltd.zip).

 

The Standard Operating Procedure (SOP) for obtaining BASL membership and Frequently Asked Questions (FAQs) on the membership are also available on the website of BASL (https://www.bseasl.com/member.html) and BSE (https://www.bseindia.com/investor.html)

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