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TMI BlogAdministration and Supervision of Investment AdvisersX X X X Extracts X X X X X X X X Extracts X X X X ..... t Advisers (IAs) to use infrastructure of the stock exchanges to purchase and redeem MF units directly from Asset Management Companies on behalf of their clients. 2. As per Regulation 14 of the SEBI (Investment Advisers) Regulations 2013 (hereinafter referred to as "IA Regulations"), SEBI can recognize any body/body corporate for the purpose of regulating IAs. It further provides that SEBI may, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck exchange subsidiary) to administer and supervise IAs registered with SEBI. A. Criteria for grant of recognition- The recognition of stock exchange subsidiary, in terms of the aforesaid Regulation 14, shall be based on the eligibility of the parent entity, i.e. the stock exchange, for which the following eligibility criteria is laid down: i. Number of years of existence: Minimum 15 years ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intaining data, sharing of information with SEBI etc. iv. The subsidiary shall have the necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the below mentioned activities. Infrastructure may be shared with other group entities where required. C. Responsibilities of subsidiary of a stock exchange- The subsidiary of a stock exchange shall have foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of IA Regulations to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 7. The circular is available on SEBI website at www.sebi.gov.in under the categories "Info for - Investment Advisers" and "Legal framework - Circulars". Yours faithfully, Naveen Sharma General Manager Investment Management Department Ph ..... X X X X Extracts X X X X X X X X Extracts X X X X
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