Investment advisors will have to share bank details, social media activities with SEBI

SEBI has asked investment advisors to periodically share details of the bank account in which they receive fees, their social media activities, their certifications and so on with SEBI.

Investment advisors will also need to report about inspections done by SEBI on them and complaints lodged against them.

Such a report has to be submitted every 6 months.

In this context, SEBI has directed Investment Advisors Administration and Supervisory Body (IAASB) to create a uniform reporting format.

Here are some key highlights of the circular:

• Investment advisors should submit this report within 15 days from March 31 and September 30
• IAASB should issue uniform format within 30 days from now