In order to ease the RIA registration process, applicants can now apply online on SEBI website. Also, the market regulator has done away with the submission of physical application forms.
In a circular issued by the market regulator, SEBI said, “Applicants seeking grant of registration as Investment Advisers and Research Analysts are now required to submit only online application to SEBI at https://siportal.sebi.gov.in. The user manual available in the portal has instructions on how to submit the applications.”
Until now, applicants seeking RIA registration were required to submit their application forms either through post or by visiting SEBI office. Since many advisers are not comfortable sending their personal details through post, they prefer to visit the SEBI office and get acknowledgement of receipt of their application forms.
The online application procedure is expected to save time and effort of the applicants.
Meanwhile, the regulator has allowed the existing RIAs to file their compliance report online through the online portal. SEBI said that emails have already been sent to all the RIAs to activate their online accounts.
This may help RIAs consolidate all reports at one place. “We are already sending compliance reports through emails to SEBI. This may not create much difference. However, this will help consolidate documents at one place,” said Suresh Sadagopan of Ladder7 Financial Advisories.
Typically, SEBI sends email or calls RIAs to get such reports. RIAs can now directly upload their compliance reports on this portal.
