Annual Compliance Audit Under SEBI (Investment Advisers) (Amendment) Regulations, 2020

SEBI has come out with final version of amendment with respect to SEBI (Investment Advisers) Regulations, 2013 vide their press release PR No.37/2020 on 3rd July, 2020. As per the notification these amendments shall come into force on the ninetieth day from the date of their publication in the Official Gazette.

As per “Regulation 19(3) of SEBI Investment Advisers Regulations, 2013”, an Investment Adviser is required to conduct annual Compliance Audit and as per the recent amendments the audit report needs to be submitted to SEBI.

For a registered Investment Adviser, it’s a high time to start planning and implementing their next move towards the new regulatory regime. In order to start planning the move RIA’s need to first have a critical look at their existing processes and systems used in advisory. Here, annual compliance audit would be helpful for them in terms of having a critical look vis-à-vis the regulatory requirement and suggest them, their next move towards the regulatory compliance.

Additionally, among all the changes, the change in annual compliance audit requirement is very critical as this is the only report as on date which would be mandatory for a RIA to be submitted to SEBI. Non- submission of the same could easily raise an alarm.

The requirement of annual compliance audit should be taken more seriously as a step towards being on the right side of the regulation.

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