Framework for Administration and Supervision of Investment Advisers
Mumbai, June 22, 2021: 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.
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 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 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)
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
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