The Securities and Exchange Board of India on 14th June 2021 has granted approval to BSE Administration and Supervision Ltd (BASL) for carrying out administration and supervision activities of investment advisers for a period of three years from 1st June 2021.
All existing SEBI registered IAs shall be required to seek membership of BASL. Further, new applicants shall be required to obtain membership of BASL before applying for registration with SEBI as Investment Advisors.
Based on the membership application and fulfillment of BASL specified norms for membership as an Investment adviser, BASL will issue a certificate of membership to the new applicant /existing SEBI RIA. As BASL member the new applicant /existing SEBI RIA shall be eligible to exercise any or all the right / privileges associated with membership granted by BASL only upon receipt of certificate of registration as an Investment Adviser from SEBI, and payment of relevant BASL fees.
Further 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.
