TaxTMI 
TaxTMI 
Definitions.
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.... same meaning as assigned to it under clause (ab) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012;] ^1[^9[(ac)] "assets under advice" shall mean the aggregate net asset value of securities ^12[****] for which the investment adviser has rendered investment advice irrespective of whether the implementation services are provided by investment adviser or concluded by the client directly or through other service providers;] (b) "Board" means the Securities and Exchange Board of India established under section 3 of the Act; (c) "body corporate" shall have the meaning assigned to it in or ^2[under sub-section (11) of section 2 of the Com....
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....ser" shall include individual investment adviser, spouse, children and parents;] (h) "financial planning" shall include analysis of clients' current financial situation, identification of their financial goals, and developing and recommending financial strategies to realise such goals; (i) "firm" means a partnership firm registered under Indian Partnership Act, 1932 (9 of 1932); (j) "form" means any of the forms set out in the First Schedule; (k) "inspecting authority" means any one or more persons appointed by the Board to exercise powers conferred under regulation 23; (l) "investment advice" means advice relating to investing in, purchasing, selling or otherwise dealing in securities ^14[****] ....
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....urities and: a. it does not involve handling or managing of money or funds of client or person; or b. it is not related to providing advice or recommendation to any client or person in respect of any products or assets for investment purposes;] (q) "partner" means partner of the firm or a limited liability partnership who renders investment advice on behalf of the firm or limited liability partnership; ^18[(qa) "part-time investment adviser" means an individual or a firm, who for consideration, is engaged in the business of providing investment advice and is also engaged in any other business activity or employment;] ^6[(r) "persons associated with investment advice" shall mean any member, partne....
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.... partners shall be designated as its principal officer: Provided further that where no partner of firm registered as an investment adviser has minimum qualification and certification requirements provided in these regulations, it shall apply for registration as an investment adviser in the form of a limited liability partnership or a body corporate within such time as may be specified by the Board. Explanation. - The provisions of sub clause (i) shall also be applicable to the principal officer of a non-individual entity registered both as an investment adviser and a research analyst but engaged in no other business activity.] ^20[(t) "research analyst" means any person registered under Securities and Exchange Boa....
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.... investment advice on behalf of that investment adviser." 7. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/22 dated 03-07-2020 8. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/22 dated 03-07-2020 before it was read as "Companies Act, 1956 (1 of 1956)" 9. Re-Numbered vide Notification No. SEBI/LAD-NRO/GN/2021/34 dated 03-08-2021 before it was read as "(aa)" 10. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/34 dated 03-08-2021 11. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/115 dated 17-01-2023 before it was read as, "(e) "change in control" in relation to a company or a body corporate, means: (i) if its shares are listed on any recognized stock exchange, chang....