Capital markets regulator Sebi on Monday said it has granted approval to BSE Administration and Supervision Ltd (BASL) for carrying out administration and supervision activities of investment advisers.
Sebi has granted recognition for three years from June 1, 2021 and the renewal will be subject to satisfactory performance by BASL, which is a subsidiary of stock exchange BSE, the regulator said in a release.
All existing Sebi-registered investment advisers (IA) will be required to seek membership of BASL and the new applicants are required to obtain membership before applying for registration with the regulator as an IA, it added.
Sebi has also reduced the fees payable to Sebi, with effect from April 1, 2021, so that there is no change in the total fees payable by IAs.
In order to strengthen the regulatory framework for IAs, Sebi in its board meeting held on December 16, 2020, had approved amendment to Investment Advisers norms, requiring IAs to seek membership of a separate body recognised by Sebi for administration and supervision, Sebi noted in the press release.
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