Maintenance of records requires retention for a statutory period and an annual compliance audit by qualified professionals. Investment advisers must maintain client and advisory records: Know Your Client records, risk profiling and assessment, suitability assessments, client agreements with Board-specified terms, written or oral investment advice, signed and dated rationale, a client register (including PAN), advice dates, product details and fees, and communication records. Records may be physical or electronic and must be preserved for a minimum period; electronically maintained signed records must be digitally signed. Advisers must arrange an annual compliance audit by a member of specified professional institutes and submit the audit report as required by the Board.
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Provisions expressly mentioned in the judgment/order text.
Maintenance of records requires retention for a statutory period and an annual compliance audit by qualified professionals.
Investment advisers must maintain client and advisory records: Know Your Client records, risk profiling and assessment, suitability assessments, client agreements with Board-specified terms, written or oral investment advice, signed and dated rationale, a client register (including PAN), advice dates, product details and fees, and communication records. Records may be physical or electronic and must be preserved for a minimum period; electronically maintained signed records must be digitally signed. Advisers must arrange an annual compliance audit by a member of specified professional institutes and submit the audit report as required by the Board.
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