SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/147 October 25, 2024
guidelines · 1992 · State unknown
Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)
Text
CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/147 October 25, 2024 To, All Investment Advisers Investment Adviser Administration and Supervisory Body” (“IAASB”) Madam / Sir, Sub: (A) Annual Compliance Certificate for Client Level Segregation by nonindividual Investment Advisers; (B) Timeline for submission of periodic reports (A) Annual Compliance Certificate for Client Level Segregation by nonindividual Investment Advisers SEBI, vide Circular no. SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020 and Master Circular for Investment Advisers dated May 21, 2024 (hereinafter mentioned as 'Master Circular'), inter alia, specified that a non-individual investment adviser (IA) shall maintain on record an annual certificate from its statutory auditor confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations 1 . As a step towards ease of doing business and in terms of recommendation of the working group for review of compliance requirements for Investment Advisers and Research Analysts, as in case of an individual IA, it has been decided to allow a non-individual IA to obtain annual compliance certificate from any auditor in respect of abovementioned requirement. In view of the above, the paragraph 1.2 (i) (i) of the Master Circular shall stand modified as under: “1.2. (i) Client Level Segregation of Advisory and Distribution Activities (i) The IAs shall maintain on record an annual certificate from an auditor confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations. Such annual certificate 1 IA Regulations- SEBI (Investment Advisers) Regulations, 2013 shall be obtained within 6 months of the end of the financial year and form part of compliance audRule TOC
1 · IA Regulations- SEBI (Investment Advisers) Regulations, 2013
6 · 1. bring the provisions of this circular to the notice of the investment advisers and also disseminate the same on its website;
6 · 2. make necessary amendments to the relevant Bye-laws, Guidelines, Standard Operating Procedures, Rules and Regulations for the implementation of the above decisions.
