SEBI has issued a Master Circular for Investment Advisers on May 21, 2023. The circular provides that a stock exchange recognized to act as an AASB shall inter-alia have following responsibilities:
- Supervision of IAs including both on-site and offsite
- Grievance redressal of clients and IAs
- Administrative action including issuing warning and referring to SEBI for enforcement action
- Monitoring activities of IAs by obtaining periodical reports
- Submission of periodical reports to SEBI
- Maintenance of database of IAs
