TMI BlogOperating Guidelines for Investment Advisers in International Financial Services Centre.X X X X Extracts X X X X X X X X Extracts X X X X ..... lines provide for a broad framework for operating of various intermediaries (including Investment Advisers) therein, as defined in Clause 2 (1) (g) of the IFSC Guidelines . Further, in terms of Clause 3 (1) of the IFSC Guidelines , SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market. 2. Based on the representations received from various stakeholders, it has been decided to put in place Operating Guidelines for Investment Advisers in IFSC . The same is annexed herewith. 3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions, accompanied by a non-refundable application fee as stated in para C of this Annexure. 3. The following persons shall be eligible to apply for an Investment Adviser Registration in IFSC to the Board: Any entity, being a company or a limited liability partnership (LLP), which has the minimum prescribed net worth as specified below at the time of application can act as an Investment Adviser (IA) in the IFSC, in the following forms- a. Any recognised entity or entities desirous of operating in IFSC as an IA, may form a company or LLP to provide investment advisory services. Explanation: Foreign jurisdiction shall be construed in accordance with Clause 2(1)(f) of SEBI (IFSC) Guidelines) 2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to advice in financial products or securities, or fund/ asset/ portfolio management, or investment advisory services. 7. Certification Requirement [Corresponding Regulation in Investment Adviser Regulations- 7(2)] Partners and representatives of the applicants referred to in para 3 offering investment advice shall have, at all times, a certification on investment advisory services: a. in respect of partners and representatives resident in India- i. from National Institute of Securities Markets (NISM); or ii. from any other organization or institution including Financial Planning Standards Board India or any recognized stock exchange in India provided that such certification is accredit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ser Regulations shall continue to apply, except for the following: a. In case of overseas applicants, a net worth certificate (not more than six months old at the time of filing of application) by a chartered accountant or its equivalent under the laws in force of the country in which the applicant is registered or incorporated, shall be provided. The membership number or any other identification number of the chartered accountant or its equivalent shall be included in the certificate. b. In case of overseas applicants, a credit score from a body similar to CIBIL, if existing in the applicant s jurisdiction, shall be provided. C. Amount to be paid as Fees Application fees ..... X X X X Extracts X X X X X X X X Extracts X X X X
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