SEBI has given two months extension to RIAs to apply for membership of BSE Administration and Supervision (BASL). With this, RIAs can become the member of BASL by October 31, 2021.
SEBI has clarified that the membership of BASL is compulsory for all RIAs to keep the RIA license active. In fact, the market regulator has said that it will cancel license of RIAs if they do not become BASL members by October 31, 2021.
Individual RIAs will have to pay a fee of Rs.2,000 to get the membership while corporates and LLP will have to shell out Rs.1 lakh as annual membership. BASL has kept renewal fees at Rs.1,800 for individuals/partnership firms and Rs.99,000 for corporates and LLP. RIAs can also take three-year membership.
The fee is over and above SEBI registration and renewal fees to obtain RIA license.
BASL will be responsible for:
- Supervising and monitoring activities of RIAs by obtaining periodical reports
- Redressing grievances of clients and RIAs
- Taking administrative action including issuing warnings to RIAs
- Submitting periodic reports to SEBI and maintaining database
