Existing investment advisers need to obtain BASL membership by Aug 31

New Delhi, Jun 22 (PTI): All existing registered investment advisers will have to obtain membership of BSE Administration and Supervision Ltd (BASL) before August 31, leading stock exchange BSE said on Tuesday.
BASL, a wholly-owned subsidiary of BSE, has been granted recognition as Investment Adviser Administration and Supervisory Body (IAASB) for a period of three years from June 1, 2021 under investment advisers rule.
It has been entrusted with the administration and supervision of Investment Advisers (IAs).
Moreover, all existing SEBI Registered Investment Advisers (RIAs) are mandatorily required to obtain membership of BASL. “All existing Sebi RIAs shall be required to submit their membership application and obtain their BASL membership before August 31, 2021,” BSE said in a statement. Further, new applicants will also be required to obtain the membership of BASL before applying for registration with SEBI as RIA.
The RIAs will be required to pay the membership fees to BASL in the manner prescribed by BASL, at the time of payment of fees to keep their registration in force.
All RIAs will be required to comply with guidelines issued by Securities and Exchange Board of India (SEBI) and BASL from time to time.
The investment adviser regulations specify the roles of Investment Adviser Administration and Supervisory Bodies like BASL and the compliance framework for Investment Advisors relating to membership fees and reporting requirements.
According to norms, BASL is required to supervise IAs, including both onsite and offsite, redress grievances of clients and IAs, take administrative action including issuing warnings and referring to Sebi for enforcement action.
In addition, it will have to monitor activities of IAs by obtaining periodical reports, submit such reports to Sebi and maintain a database of IAs.