BackSebi appoints BSE subsidiary to supervise investment advisers
All existing RIAs will have to become members of BASL, Sebi said in the release. New applicants for RIA licences will also have to obtain membership before applying for registration with Sebi
PremiumThe Securities and Exchange Board of India (Sebi) has appointed BSE Administration and Supervision Ltd (BASL), a subsidiary of BSE Ltd, to grant recognition to registered investment advisers (RIAs) and supervise them, the markets regulator said on Monday.
Currently, these functions are discharged directly by Sebi. BASL has been granted these powers for three years, starting 1 June, 2021.
All existing RIAs will have to become members of BASL, Sebi said in the release. New applicants for RIA licences will also have to obtain membership before applying for registration with Sebi. The existing fee structure will remain unchanged.
New individual applicants for RIA licence will have to pay ₹2,000 and corporates ₹1 lakh as annual membership fee. For renewal of licences, the fees are ₹1,800 and ₹99,000 respectively.
Ashishkumar Chauhan, MD & CEO of BSE said, "We thank SEBI for reposing its faith in BSE to administer and supervise Investment Advisors. Investment Advisory has become a key segment for capital market investors. Advisory services have also evolved from personalised services to sophisticated robo advisory with the use of technology. The long experience of BSE for over 146 years as a frontline Regulator will help in ensuring that BASL will maintain highest standards of governance and practices. This is an important step by SEBI to enhance the investor faith in the capital markets."
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