Regulation 19 - Maintenance of records - Securities and Exchange Board of India (Investment Advisers) Regulations 2013

Maintenance of records. 19. (1) An investment adviser shall maintain the following records,- (a) Know Your Client records of the client; (b) Risk profiling and risk assessment of the client; (c) Suitability assessment of the advice being provided; 1 [ (d) Copies of agreements with clients, incorporating the terms and conditions as may be specified by the Board; ] (e) Investment advice provided, whether written or oral; (f) Rationale for arriving at investment advice, duly signed and dated; (g) A register or record containing list of the clients, the date of advice, nature of the advice, the products/securities in which advice was rendered and fee, if any charged for such advice. (2) All records shall be maintained either in physical or electronic form and preserved for a minimum period of five years: Provided that where records are required to be duly signed and are maintained in electronic form, such records shall be digitally signed. (3) An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India 2 [ and submit a report of the same as may be specified by the Board ] . ************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/22 dated 03-07-2020 before it was read as, (d) Copies of agreements with clients, if any; 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/22 dated 03-07-2020