Description

SEBI guidance on Investment Advisers Regulations 2013 covering registration, fees, deposits, and compliance requirements.

Summary

SEBI has issued comprehensive FAQs on Investment Advisers Regulations 2013, providing guidance on registration procedures, fee structures, deposit requirements, and compliance obligations. The document clarifies that BSE Limited has been recognized as the Investment Adviser Administration and Supervisory Body (IAASB) for five years from July 25, 2024.

Key Points

  • Registration applications must be submitted through IAASB at https://membershipraia.bseindia.com/
  • BSE Limited recognized as IAASB for 5 years from July 25, 2024
  • Registration certificates remain valid until suspended or cancelled by SEBI
  • Principal Officers and PAIAs don’t need separate registration certificates
  • Deposit requirements vary based on client numbers (₹1 lakh to ₹10 lakhs)

Regulatory Changes

  • BSE Limited designated as the new IAASB effective July 25, 2024
  • Streamlined registration process through online portal
  • Clarified that registration validity is subject to periodic fee payments

Compliance Requirements

  • Submit applications in specified format with supporting documents
  • Pay applicable registration, application, and renewal fees to SEBI
  • Pay administrative fees to IAASB as specified
  • Maintain required deposits based on client count
  • Principal Officers, PAIAs, and Partners must meet qualification requirements
  • Update deposit amounts by April 30 based on previous year’s maximum client count

Important Dates

  • Deposit revisions due by April 30 of subsequent financial year
  • IA Regulations effective from April 21, 2013
  • IAASB recognition period: July 25, 2024 to July 24, 2029

Impact Assessment

This guidance provides clarity for existing and prospective investment advisers on compliance requirements. The centralized registration process through BSE’s portal should streamline applications. Investment advisers must ensure proper deposit maintenance and fee payments to maintain valid registration status.

Impact Justification

Regulatory guidance document for investment advisers with specific compliance requirements and fee structures