Listen to this article
SEBI has asked new RIA applicants and existing RIAs to approach BSE Administration and Supervision Limited (BASL) to seek support for registration and post registration activities of investment advisers.
In a press release, SEBI said, “The administration and supervision of Investment Advisers (IAs) has been delegated to BASL. In view of the above, all the new IA applicants as well as existing IAs are advised to approach BASL for registration and post registration activities related to investment advisers.”
Earlier, SEBI granted recognition BAS to act as an Investment Adviser Administration and Supervisory Body (IAASB) for a period of three years. With this, BASL oversees activities of RIAs and checks their compliance with the regulatory norms.
While new RIAs will have to pay fee membership fee to BASL to become members, the registration fee for existing RIAs has been waived off. However, existing RIAs will have to pay renewal fees.
The annual registration fee for individuals and partnership firms is Rs.2000 while corporates and LLP have to pay Rs.1 lakh. BASL has kept renewal fees at Rs.1800 for individuals/partnership firms and Rs.99000 for corporates and LLP. RIAs can also take three-year membership.
Please note that the fee is over and above SEBI registration and renewal fees to obtain RIA license.
