On October 9, 2023, the Securities and Exchange Board of India (SEBI) exercised its powers under Section 30 of the Securities and Exchange Board of India Act, 1992, to introduce the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023. These amendments aim to further enhance the Securities and Exchange Board of India (SEBI) (Investment Advisers) Regulations, 2013.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 9th October 2023
(INVESTMENT ADVISERS) (AMENDMENT) REGULATIONS, 2023
No. SEBI/LAD-NRO/GN/2023/154.—In exercise of the powers conferred under Section 30 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, 2023.
2. They shall come into force with effect from September 30, 2023.
3. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 7, in sub-regulation (1), in the first proviso thereto, –
a. after the words “Provided that” and before the words “investment advisers”, the word “the” shall be inserted;
b. after the words “investment advice” and before the words “comply with”, the word “shall” shall be inserted;
c. the word “such” appearing after the words “comply with”, shall be substituted with the words “the”; and
d. for the words “three years”, the words “such time as may be specified by the Board” shall be substituted.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./470/2023-24]
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) 04th 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) 18th 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.
