Sebi Mandates New Reporting Requirements for Investment Advisers

Markets regulator Sebi on Wednesday came out with a standardised periodic reporting format for submission of information by investment advisers IAs pertaining to their activities, whereby they also need to disclose their social media handles.At present, the Investment Advisers Administration and Supervisory Body IAASB has been seeking reports from IAs on an ad-hoc basis.

Markets regulator Sebi on Wednesday came out with a standardised periodic reporting format for submission of information by investment advisers (IAs) pertaining to their activities, whereby they also need to disclose their social media handles.

At present, the Investment Advisers Administration and Supervisory Body (IAASB) has been seeking reports from IAs on an ad-hoc basis. IAASB has been recognised by Sebi for the purpose of administration and supervision of investment advisers. Under the new format, investment advisers have to disclose details of their social media handles, bank accounts used for receiving advisory fee, NISM certification details, information about the last inspection carried out by Sebi or IAASB, details of advertisements issued during the half-year period and information on publishing of complaints against them, Sebi said in a circular.

Investment advisers have been directed to submit periodic reports for half-yearly periods ending on September 30 and March 31 of every financial year.

Sebi said that IAs need to submit the periodic report for the half-year period ended on March 31, 2024, to IAASB within 15 days from the date of issuance of the circular by the supervisory body.

For the subsequent half-yearly periods, IAs will be required to submit periodic reports within seven working days from the end of the half-yearly period. Last week, the Securities and Exchange Board of India (Sebi) came out with a framework for the administration and supervision of research analysts and investment advisers, whereby a stock exchange can be authorised to oversee and manage such entities. Sebi stated a stock exchange should be granted recognition as RAASB (Research Analyst Administration and Supervisory Body) and IAASB (Investment Adviser Administration and Supervisory Body).

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