Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024 - SEBI/LAD-NRO/GN/2024/169 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 26th April 2024 SECURITIES AND EXCHANGE BOARD OF INDIA (INVESTMENT ADVISERS) (AMENDMENT) REGULATIONS, 2024 No. SEBI/LAD-NRO/GN/2024/169. In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 , namely, 1. These regulations may be called the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024. 2. They shall come into force on the ninetieth day from the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 , I. in regulation 6 , clause (n) shall be replaced with the following clause, namely, (n) Whether the applicant is enlisted with a body or body corporate recognised under regulation 14: Provided that the existing investment advisers shall be deemed to be enlisted with such a body or body corporate from the date of recognition of such body or body corporate: Provided further that the applicant whose application is received before the date of recognition of the body or body corporate as provided under regulation 14 and who is granted the certificate after the date of recognition of such body or body corporate shall also be deemed to be enlisted with such a body or body corporate. II. Regulation 14 shall be replaced with the following regulation, namely, Recognition of body or body corporate for administration and supervision of investment advisers. 14.(1) The Board may recognize a body or body corporate for the purpose of administration and supervision of investment advisers to such extent and on such terms and conditions as may be specified by the Board. (2) The Board may specify that no person shall act as an investment adviser unless such a person is enlisted with the recognized body or body corporate and in such an event, the provisions of these regulations and the specified provisions of the bye-laws or articles of such a body or body corporate shall apply to the investment adviser. III. After regulation 30 , the following regulation shall be inserted, as under: Savings 30A. Prior to the commencement of the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024, any action taken or purported to have been taken or any action that may be taken against any person in relation to the membership of the body or body corporate recognised under regulation 14 shall be deemed to have been done or taken or may be taken under the corresponding provisions of these regulations. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./049/2024-25] Footnotes: 1. The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 were published in the Gazette of India on January 21, 2013 vide No. SEBI/LAD-NRO/GN/2012-13/31/1778. 2. The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 were subsequently amended on, (1) 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089; (2) 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2016-17/023; (3) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10; (4) 3rd July, 2020 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/22; (5) 11th January, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/04; (6) 16th March, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/11; (7) 3rd August, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Third Amendment) Regulations, 2021 vide No SEBI/LAD-NRO/GN/2021/34; (8) 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30; (9) 17th January, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/115; (10) 07th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/121; (11) 3rd July, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD NRO/GN/2023/137; (12) 17th August, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/146. (13) 9th October, 2023 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/154.