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of <h1>Master Circular for Investment Advisers consolidates IA rules, updates client segregation, fee caps, AI disclosure, audit and reporting obligations.</h1> Master Circular consolidates existing circulars relating to Investment Advisers and restates operative regulatory prescriptions under the IA Regulations: it mandates client level segregation of advisory and distribution activities and requires annual auditor certification (ensuring segregation compliance); standardises contractual terms and MITC in client agreements and requires fee disclosure with revised fixed fee caps and flexible fee-mode changes (operative immediately for new/onboarding clients); prescribes recordkeeping, annual compliance audits and reporting obligations; clarifies scope of investment advice, disclosure of AI use, KYC, outsourcing principles and cybersecurity/data localisation measures; and establishes enlistment, administration and supervision framework with recognised stock exchange as IAASB, affecting operational and compliance duties of IAs.
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