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SEBI has issued a circular (SEBI/HO/MIRSD/MIRSD-PoD-2/P/CIR/2024/38) outlining the requirements for investment advisers (IAs) regarding periodic reporting. This circular mandates that IAs must furnish information and reports to SEBI as specified by regulations. In collaboration with the Investment Advisers Administration and Supervisory Body (IAASB), a standardized format for periodic reporting has been developed. The circular specifies the frequency of reporting as half-yearly, ending on September 30 and March 31 of each financial year. The timelines for submission of reports are outlined, with the first report due within fifteen days of the circular's issuance and subsequent reports due within seven working days from the end of the reporting period. The circular is effective immediately and is issued under SEBI's regulatory authority to ensure investor protection and market development.
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- Investment advisers (IAs) must adhere to Regulation 15(12) of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, which requires them to provide information and reports to SEBI as specified.
- The Investment Advisers Administration and Supervisory Body (IAASB) has been tasked with administering and supervising IAs, and they have been seeking reports from IAs on an ad-hoc basis. Now, a standardized format for periodic reporting has been established.
- The Industry Standards Forum (ISF) for IAs has contributed to the development of the standardized reporting format, which is enclosed as Annexure I in the circular.
- Reporting is required half-yearly, ending on September 30 and March 31 of each financial year.
- IAASB will issue a circular to IAs within thirty days of the circular's issuance, specifying the format for periodic reporting.
- The first report under the new format is due within fifteen days of the circular's issuance, with subsequent reports due within seven working days from the end of the reporting period.
- The circular is effective immediately and is issued under SEBI's authority to protect investor interests and regulate the securities market. It is available on the SEBI website for reference.
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