Appointment of compliance officer required for non-individual investment advisers to monitor regulatory compliance and principal officer accountability. Non-individual investment advisers must appoint either a compliance officer or an independent professional (a qualified member of a specified professional institute holding the relevant NISM certification) to monitor compliance with the Act, regulations, notifications, guidelines and instructions issued by the Board; where an independent professional is appointed, the principal officer must submit an undertaking to the Board or recognized body that the principal officer shall remain responsible for monitoring compliance.