IND SEBI Research Analysts, Advisers

On May 2, IND SEBI issued framework with respect to supervision.

  • IND SEBI issued framework for supervision of research analysts, investment advisers.
  • Follows IND SEBI Apr. 2024 gazetted IND SEBI (research analysts) (amendment) regulations, IND SEBI (investment advisers) (amendment) regulations, see #186918.
  • Also follows IND SEBI Aug. 2023 proposed to revise research analyst rules, #182638.
  • Framework Overview
  • Specifies criteria for granting of recognition as research analyst administration and supervisory body (RAASB) and investment adviser administration and supervisory body (IAASB), i.e. minimum of 15 years of existence as recognised stock exchange.
  • Setting up of requisite systems by stock exchange recognized as RAASB/IAASB.
  • Memorandum of association of the exchange shall include articles of association and bye-laws, requisite provisions to fulfil the role and responsibilities of RAASB, IAASB.
  • Specifies the responsibilities of IND SEBI and RAASB/IAASB such as approval of registration applications of research analysts (RAs) and investment advisers (IAs).
  • Existing RAs registered with IND SEBI shall be deemed to be enlisted with RAASB.
  • Existing IAs registered with IND SEBI who are also members of BSE Administration and Supervision Ltd shall be deemed to be enlisted with IAASB per this framework.
  • IND SEBI requires registered RAs/IAs shall submit periodic reports to RAASB/IAASB; IND SEBI shall monitor RAASB and IAASB through periodical reports and inspection.
  • Effectiveness
  • This circular shall become effective on Jul. 25, 2024.
  • Jul. 2024 Recognition of IND BSE
  • On Jul. 12, 2024, IND SEBI sad IND BSE has been recognized as RAASB and IAASB.
  • IND BSE will formulate bye-laws, standard operating procedures (SOPs), FAQs; aim to provide clarity, ensure smooth adoption of RAASB and IAASB framework by RAs, IAs.
  • Applicants for RA or IA registration/renewal must pay administrative fees set by RAASB/IAASB; IND SEBI has revised fees for RAs, effective from Jul. 25, 2024.
  • For RA registrations received before Jul. 25, 2024, fees will follow previous structure.
  • Recognition will be effective from Jul. 25, 2024; valid 5 years, i.e. until Jul. 25, 2029.

Regulators IND SEBI
Entity Types Exch; IA; Inv Co
Reference Cir SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101, 7/12/2024; Cir SEBI/HO/MIRSD/MIRSD-SEC-3/P/CIR/2024/34, 5/2/2024; Rpl SEBI/HO/IMD/IMD-I/DOF1/P/CIR/202, 6/18/2021, EBI/HO/MIRSD-PoD-2/P/CIR/2023/8, 6/15/2023;
Functions Compliance; Exams; Financial; Legal; Registration/Licensing; Reporting; Research
Countries India
Products Fund Mgt; Securities
Regions AP
Rule Type Final
Rule Date 5/2/2024
Effective Date 7/25/2024
Rule Id 210734
Linked to Rule :186918
Reg. Last Update 7/12/2024
Report Section International

Last substantive update on 07/16/2024