TMI BlogFramework for administration and supervision of Research Analysts and Investment AdvisersX X X X Extracts X X X X X X X X Extracts X X X X ..... vision over specified intermediaries on such terms and conditions and to such an extent as may be specified. Accordingly, Stock Exchange shall now be recognised as RAASB [RAASB- Research Analyst Administration and Supervisory Body] and IAASB [IAASB- Investment Adviser Administration and Supervisory Body] under Regulation 14 of the RA Regulations [RA Regulations- SEBI (Research Analysts) Regulations, 2014 ] and IA Regulations [IA Regulations- SEBI (Investment Advisers) Regulations, 2013] for administration and supervision of Research Analysts ( RAs ) and Investment Advisers ( IAs ) respectively. The detailed framework for RAASB and IAASB is specified in Annexure I. 2. As per clause (xi) of Regulation 6 of RA Regulations and clause (n) of Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s RAASB and IAASB. To begin with, in order to ensure efficiency in the system and economies of scale, RAASB and IAASB shall be one and the same stock exchange. Timeline for implementation 6. This circular shall become effective on July 25, 2024 (ninetieth day from the date of publication in the Official Gazette of the amendments to RA Regulations made vide the SEBI (Research Analysts) (Amendment) Regulations, 2024 and the amendments to IA Regulations made vide the SEBI (Investment Advisers) (Amendment) Regulations, 2024) . 7. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with regulation 14 of RA Regulations and IA Regulations to protect the interests ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gnised as RAASB/IAASB shall maintain necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the responsibilities of RAASB/ IAASB. Infrastructure may be shared with other group entities where required. 2.3. The stock exchange recognised as RAASB/IAASB shall put in place systems/ processes for maintaining database of RAs/IAs, sharing of information with SEBI and discharging the responsibilities of RAASB/ IAASB. 2.4. RAASB and IAASB shall constitute an internal committee to oversee the activities of administration and supervision of RAs and IAs. The committee shall periodically review the performance of the stock exchange as RAASB/ IAASB and make recommendations to SEBI. The constitution of the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecommendation of proposed body 6. Grievance redressal Activities pertaining to administration: 1. Initial scrutiny of registration applications for ensuring completeness of submission of information/ documents along with recommendation on the applications to SEBI 2. Initial scrutiny of post-registration applications illustrated below for ensuring completeness of submission of information/ documents along with recommendation on the applications to SEBI: a. Change of name b. Change of address c. Change of compliance officer/ principal officer/ director/ associated person, contact details, etc. d. Change in shareholding e. Merger/amalgamation/takeover/change in control of RA/IA f. Surrender of registration g. NOC for establishing wholly owned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registration as RA./IA shall be required to enlist with RAASB/IAASB. 4.2. Further, in order to provide ease of doing business and to ensure smooth operationalization of RAASB and IAASB framework and to prevent disruption for existing RAs and IAs registered with SEBI, the following has been provided for: (i) Existing RAs registered with SEBI shall be deemed to be enlisted with RAASB. Existing IAs registered with SEBI who are also members of BASL [BASL- BSE Administration and Supervision Limited ( BASL ) which is currently recognized as IAASB] shall be deemed to be enlisted with the IAASB recognised under this framework. (ii) Applications for registration as RA received and under process with SEBI up to the effective date of operationalizatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me stock exchange. 6.2 In cases where a person has registration as both RA as well as IA, in the interest of efficiency, a single window clearance of various approvals shall be adopted. Details in this regard shall be specified by the recognised RAASB and IAASB. 7. Submission of Periodic Reports 7.1 Pursuant to operationalization of RAASB/ IAASB framework, all registered RAs/ IAs shall submit periodic reports to RAASB/ IAASB in the manner specified by SEBI. 8. Monitoring of RAASB/IAASB 8.1 SEBI shall monitor RAASB and IAASB through periodical reports and inspection regarding administration and supervision of RAs and IAs. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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