Periodic reporting format for Investment Advisers - SEBI - SEBI/HO/MIRSD/MIRSD-PoD-2/P/CIR/2024/38

CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD-2/P/CIR/2024/38 May 07, 2024 To All Investment Advisers Investment Adviser Administration and Supervisory Body (IAASB) Madam/Sir, Subject: Periodic reporting format for Investment Advisers 1. In terms of Regulation 15(12) of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 ( IA Regulations ), investment advisers are required to furnish to SEBI, information and reports as may be specified by SEBI from time to time. 2. SEBI has recognized Investment Advisers Administration and Supervisory Body ( IAASB ) for the purpose of administration and supervision of Investment Advisers ( IAs ) under regulation 14 of the IA Regulations . At present, the IAASB has been seeking reports from IAs on an ad-hoc basis. It is decided to specify a standardized format for periodic reporting for IAs. Consultative process for development of periodic reporting format 3. Pursuant to formation of Industry Standards Forum ( ISF ) for IAs, ISF has discussed the development of a standardized format for periodic reporting for IAs and has provided its recommendations to SEBI in this regard. Based on the recommendations received from ISF, a standardized periodic reporting format for submission of information by IAs pertaining to their activities on periodic basis has been prepared. The periodic reporting format is enclosed as Annexure I. Periodicity of reporting 4. IAs shall submit periodic report for half-yearly periods ending on September 30 and March 31 of every financial year. Timelines for submission of periodic reports 5. IAASB is directed to make necessary arrangements for obtaining periodic reports from IAs in the format specified in Annexure I and shall issue a circular to IAs in this regard, within thirty days from the date of issuance of this circular. 6. IAs shall submit periodic report in the format specified in Annexure I from the halfyearly period ending on March 31, 2024. The timelines for submission of periodic reports by IAs shall be as under: 6.1. IAs shall submit the periodic report for the half-yearly period ending on March 31, 2024 to IAASB within a period of fifteen days from the date of issuance of circular by IAASB. 6.2. For the subsequent half-yearly periods, IAs shall submit periodic reports within seven working days from the end of the half-yearly period for which details are to be furnished. Applicability of circular 7. This circular shall become applicable with immediate effect. 8. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 14 and Regulation 15(12) of IA Regulations to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market. 9. This circular is available on SEBI website at www.sebi.gov.in under the categories Legal Circulars , Info For Investment Advisers . Yours faithfully, Aradhana Verma General Manager Tel. No: 022-26449633 E-mail: [email protected] Annexure I Periodic Reporting Format for Investment Advisers General details of Investment Adviser (IA) for the half year ended on (DD/MM/YYYY) Sr. No. Particulars Details 1 Registered Name of IA (as per SEBI registration certificate) 2 Trade Name/ Brand Name as IA 3 Permanent Account Number (PAN) 4 SEBI Registration Number 5 Enlistment/Membership Number of IAASB 6 Logo (if any) Yes/No 7 Date of Birth for individual IA/ Date of Incorporation for Non Individual IA (DD/MM/YYYY) 8 Legal Structure (Individual/partnership /LLP/body corporate) 9 Registered Office Address 10 Correspondence Address 11 Address of Principal place of business 12 Number of branches 13 Addresses of branches (provide details of all branches) 14 Official Website Address 15 Details of Social Media handles as an IA (provide details for all such platforms) Facebook Twitter Others (Please specify) Social Media Type (e.g. Facebook, Twitter, Linkedin, etc.) Name of Account /Page/Channel, etc. 16 Details of bank account/s for receiving advisory fees (provide details of all such bank accounts) Bank Account-1 Bank Account-2 Bank Account3 Name as per Bank Account Account No. Type of account IFSC Code Bank Name Bank Branch Name 17 Details of Contact Person Name Date of Birth (DD/MM/YYYY) Mobile Email id 18 Details of Compliance Officer Name Date of Birth (DD/MM/YYYY) Mobile Email id 19 Details of Principal Officer (PO) Name Date of Birth (DD/MM/YYYY) PAN Mobile Email id Qualification of PO Experience of PO (In years) Designation of PO (managing director /designated director/ managing partner etc.) 20 Details of Managing Director Name PAN Date of Birth (DD/MM/YYYY) DIN Mobile Email id 21 Details of other directors (List of directors) Director-1 Director-2 Director-3 Name PAN Date of Birth (DD/MM/YYYY) DIN 22 Shareholding Pattern (provide details of shareholders having a holding of 10% or more) Sharehold er-1 Shareholde r-2 Sharehol der-3 Name of shareholder Number of shares % of shareholding 23 Total number of Persons Associated with Investment Advice (PAIA) (does not include individual IA or principal officer of non-individual IA) 24 NISM certification details (provide details of all such persons) Please specify for each person whether the person is IA/PAIA/PO Name Person-1 Person-2 Person-3 Email ID Date of Birth (DD/MM/YYYY) PAN Validity of Certific ate NISM -X A From (DD/MM/Y YYY) To (DD/MM/Y YYY) NISM - X B From (DD/MM/Y YYY) To (DD/MM/Y YYY) 25 Details of last inspection Inspection carried out by: (SEBI/IAASB) Date of last inspection (DD/MM/YYYY) Period of Inspection Any adverse remarks of inspection Remedial steps taken to address adverse remarks 26 Details of Advertiseme nts issued Number of Advertisements issued during the half year period Number of Advertisements approved by IAASB during the half year period 27 Publishing of Complaints and Investor Charter Whether complaints data have been updated on the website of the IA or in absence of website, communicated to clients by 7th of the succeeding month for each month of the half year period (Yes/No) Whether Investor Charter has been published on the website of the IA or in absence of website, communicated to clients (Yes/No) Details of the complaints against Investment Adviser (IA) for the half year ended on (DD/MM/YYYY) Sr. No. Particulars Complaints received through SCORES Complaints from other sources Total 1 Number of complaints pending at the end of previous half yearly period (a) 2 Number of complaints received during the period (b) 3 Total number of complaints resolved during the period (c) 4 Total number of complaints pending at the end of the period (a+b-c) = (d) 5 Ageing details of complaints pending at the end of the period Total number of complaints pending for up to 21 days (a) Number of complaints pending from 22-90 Days (b) Number of complaints pending for more than 90 Days (c) Total number of complaints pending (a+b+c)=d 6 Average Complaint resolution time (Average complaint Resolution time is the sum total of time taken to resolve each complaint in days, in the concerned half year period divided by total number of complaints resolved in the said half year period.) 7 Breakup of type of complai nts received during the period Inappropriateness/ unsuitability of advice Issues related to excess fee charged Under Fixed fee mode Under Assets under Advice (AUA) based fee mode Inadequacy/ issues related to services Promise of assured returns Agreement related complaints Other (please specify) Details of Clients, Assets under Advice (AUA) and Fees for the half year ended on (DD/MM/YYYY) Sr. No . Particulars Individual Non-Individual Total (A+B+ C+D+E +F) Reside nt (A) Non - Res ide nt (B) FPI(C ) Reside nt (D) Non- Reside nt (E) F PI (F ) 1 Number of clients at the end of the previous half yearly period (i) 2 Number of client agreements entered into during the period (ii) 3 Number of client agreements expired/terminated during the period (iii) 4 Number of clients at the end of the period (iv = i + ii - iii) 5 Maximum number of client agreements in force on a single day during the period 6 Fees charged during the period (in Rs.) Total Fees under fixed fee mode (a) Total Fees under AUA based fee mode) (b) Total Fees collected for Accredited Investors (c) Total Fees (a + b + c = d) 7 Number of clients who have opted for AUA based fee mode at the end of the period 8 Number of clients who are Accredited Investors 9 Net Assets under Advice as at the end of the period (in Rs.) (for clients who have opted for AUA based fee mode) Equity Debt Equity Derivatives Mutual funds Other SEBI regulated products (Please specify) Other investment products under purview of other financial sector regulators (Please specify) Total