India’s capital markets regulator, SEBI has recognized BSE as the supervisory body for research analysts and investment advisers to oversee their management and administration.
In its circular, SEBI said, “BSE has been granted recognition under regulation 14 of the RA regulations and IA Regulations for administration and supervision of Research Analysts (RAs) and Investment Advisors (IAs) respectively as (RAASB) and (IAASB) for a period of five years starting from July 25, 2024”.
As part of its new role, BSE will establish bylaws, standard operating procedures (SOPs), and frequently asked questions (FAQs) to guide and facilitate the seamless adoption of the RAASB and IAASB frameworks by RAs and IAs.
Further, applicants seeking registration or renewal as research analysts or investment advisers will need to pay administrative fees specified by the Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB).
SEBI has also revised the fees payable by RAs for registration, effective from July 25. However, the total fees payable by an applicant or RA for application, registration, and renewal to Sebi and RAASB will not exceed the previous fee structure, ensuring a fee-neutral approach.
Applications for RA registration received before July 25, 2024, will adhere to the previous fee structure.
The move aims to protect investor interests in the securities market and promote the development and regulation of the securities market.