TaxTMI 
TaxTMI 
Master Circular for Investment Advisers
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.... the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded. 5. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 6. This circular is available o....
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....ts on which investment advisory is sought/provided, originate from income of a single entity i.e. earning individual client in the family. The client shall provide an annual declaration or periodic updation as the case maybe in respect of such dependent family members. (h) IA shall, wherever available, advise direct plans (non-commission based) of products only. (i) The IAs shall maintain on record an annual certificate from an auditor (in case of individual IA) and its statutory auditor (in case of a non-individual IA) confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations. Such annual certificate shall be obtained within 6 months of the end of the financial year and form part of compliance audit, in terms of Regulation 19(3) of the IA Regulations. (ii) Agreement between IA and the client (a) Regulation 19(1)(d) of the IA Regulations provides that IA shall enter into an investment advisory agreement with its clients. The said agreement shall mandatorily cover the terms and conditions provided in Annexure A. (b) IA can include additional terms and conditions in the agreeme....
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.... specifies the minimum qualification and certification requirements for IAs. Further, in terms of second proviso of regulation 7 (1), existing individual IAs above fifty years of age (as on September 30,2020) shall not be required to comply with the qualification and experience requirements specified under Regulation 7(1)(a) and 7(1)(b) of the IA Regulations. However, such IAs shall hold National Institute of Securities Market (NISM) accredited certifications and comply with other conditions as specified under Regulation 7(2) of the IA Regulations at all times. (v) Registration as Non Individual Investment Advisor a. As per Regulation 13(e) of the IA Regulations, an individual IA shall apply for registration as non-individual investment adviser on or before reaching 150 clients. b. Such application for registration shall be made in FORM-A as per the IA Regulations, along with the requisite fee and same shall be assessed in accordance with the provisions of the IA Regulations and amendments thereto as well as circulars issued thereunder. c. Once number of clients reaches 150 and till grant of registration as a non-individual IA, Individual IA shal....
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....in a period of one month from the date of the audit report but not later than October 31st of each year for the previous financial year starting with the financial year ending March 31,2021. (viii) Risk profiling and suitability for non-individual clients a. Regulations 16 and 17 of the IA Regulations mandate risk profiling and suitability for all categories of clients. b. In order to further enhance the risk profiling and encompass suitable factors in case of non-individual clients, IA shall use the investment policy as approved by board/management team of such non- individual clients for risk profiling and suitability analysis. c. The discretion to share the investment policy/relevant excerpts of the policy shall lie with the non-individual client. However, IA shall have discretion not to onboard non-individual clients if they are unable to do risk profiling of the non-individual client in the absence of investment policy. (ix) Display of details on website and in other communication channels In order to protect the interest of investors and bring more transparency in the functioning of the IAs, the IAs shall display the follo....
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....clarified that, IAs shall not accept cash deposits. 2.4 Display of complaints status on website In order to bring more transparency and enable the investors to take informed decision regarding availing of advisory services, IAs shall display the following information on the homepage (without scrolling) of their website/mobile app. The information should be displayed properly using font size of 12 or above and made available on monthly basis (within 7 days of end of the previous month) in a format as per Annexure C6: III. ADMINISTRATION AND SUPERVISION OF INVESTMENT ADVISERS 3. Administration and Supervision of Investment Advisers7 3.1 SEBI, vide Circular SEBI/HO/MRD/DSA/CIR/P/2016/113 dated October 19, 2016, allowed registered IAs to use infrastructure of the stock exchanges to purchase and redeem mutual fund units directly from Asset Management Companies on behalf of their clients. 3.2 As per Regulation 14 of the IA Regulations, SEBI can recognize any body/body corporate for the purpose of regulating IAs. It further provides that SEBI may, at the time of recognition of such body or body corporate, delegate administration and supervision of....
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.... have following responsibilities: i. Supervision of IAs including both on-site and offsite ii. Grievance redressal of clients and IAs iii. Administrative action including issuing warning and referring to SEBI for enforcement action iv. Monitoring activities of IAs by obtaining periodical reports v. Submission of periodical reports to SEBI vi. Maintenance of database of IAs. 4. Framework for administration and supervision of Investment Advisers under the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013^8 4.1 As per Regulation 14 of the IA Regulations, SEBI may, inter-alia, recognize any body or body corporate for the purpose of regulating the IAs and delegate administration and supervision of the IAs on such terms and conditions as may be specified. Accordingly, an entity granted recognition under the aforesaid Regulation shall be designated as "Investment Adviser Administration and Supervisory Body" ("IAASB") and shall be entrusted with the administration and supervision of IAs. 4.2 In this regard, BSE Administration & Supervision Limited (BASL), a wholly owned subsidiary of BSE....
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.... to SEBI as per Second Schedule to the IA Regulations, to keep their registration in force. Any subsequent payment of membership fees shall be in the manner specified by IAASB. For details with respect to membership process, membership fee structure as well as contact details of IAASB, FAQs under the link provided in the Press release issued by SEBI upon recognition of IAASB (please refer clause 4.2), may be referred. iii. Reporting All SEBI registered IAs shall submit periodic reports to IAASB in such manner as may be specified by IAASB. IV. TECHNOLOGY RELATED 5. Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions^9 5.1 Ministry of Electronics & Information Technology, Govt. of India (MoE&IT), has informed SEBI that the financial sector institutions are availing or thinking of availing Software as a Service (SaaS) based solution for managing their Governance, Risk & Compliance (GRC) functions so as to improve their cyber Security Posture. As observed by MoE&IT, though SaaS may provide ease of doing business and quick turnaround, but it may bring significant risk to health of financial sector a....
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....1800 22 7575 / 1800 266 7575. 6.3. IAs are also advised to refer to Master Circular issued by SEBI on the redressal of investor grievances through the SEBI Complaints Redress System (SCORES) platform at the following link: https://www.sebi.gov.in/legal/master-circulars/nov-2022/master-circular-on- the-redressal-of-investor-grievances-through-the-sebi-complaints-redress- system-scores-platform_64742.html 7. Publishing Investor Charter and disclosure of Investor Complaints by Investment Advisers on their websites/mobile applications11 7.1 In order to facilitate investor awareness about various activities which an investor deals with while availing the services provided by IAs, SEBI has developed an Investor Charter for Investment Advisers. This Charter is a brief document containing details of service provided to investors, their rights, dos and don'ts, responsibilities, investor grievance handling mechanism and timelines thereof etc., at one single place, in a lucid language, for ease of reference. 7.2 All registered IAs are advised to bring to the notice of their clients the Investor Charter as provided at Annexure B by prominently displaying on their websit....
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.... pending? If yes, steps taken and confirmation that the acquirer/ the person who shall have the control shall resolve the same. e. Details of litigation(s), if any. f. Confirmation that all the fees due to SEBI have been paid. g. Declaration cum undertaking of the applicant and the acquirer/ the person who shall have the control (in the format specified at Annexure E), duly stamped and signed by their authorized signatories that: i. there will not be any change in the Board of Directors of incumbent, till the time prior approval is granted; ii. pursuant to grant of prior approval by SEBI, the incumbent shall inform all the existing investors/ clients about the proposed change prior to effecting the same, in order to enable them to take informed decision regarding their continuance or otherwise with the new management; and iii. the 'fit and proper person' criteria as specified in Schedule II of Securities and Exchange Board of India (Intermediaries) Regulations, 2008 are complied with. h. In case the incumbent is a registered stock broker, clearing member, depository participant, in addition to the above, it shall obtain....
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....any publication or displays (such as newspaper, magazine, sign boards/hoardings at any location), in any electronic, wired or wireless communication (such as electronic mail, text messaging, messaging platforms, social media platforms, radio, telephone, or in any other form over the internet) or over any other audio-visual form of communication (such as television, tape recording, video tape recordings, motion pictures) or in any other manner whatsoever. b. Information/disclosures in the advertisement: The information/disclosures that the advertisement shall contain, include the following- i. Name of the IA/RA as registered with SEBI, registered office address, SEBI Registration No., logo/brand name/trade name of IA, and CIN of the IA, if applicable. ii. Information which is accurate, true and complete in unambiguous and concise language. iii. Standard warning in legible fonts (minimum 10 font size) which states "Investment in securities market are subject to market risks. Read all the related documents carefully before investing". No addition or deletion of words shall be made to/from the standard warning. iv. In audio-visual m....
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....x language and the inclusion of excessive details which may distract the investors. ix. Reference to any report, analysis, or service as free, unless it actually is free and without condition or obligation. x. Any promise or guarantee of assured or risk free return to the investors. The advertisement shall not imply any assured returns or minimum returns or target return or percentage accuracy or service provision till achievement of target returns or any other nomenclature that gives the impression to the client that the investment advice is risk- free and/or not susceptible to market risks and/or that it can generate returns with any level of assurance. xi. Any statement which directly or indirectly discredits other advertisements or intermediaries or makes unfair comparisons or ascribes any qualitative advantage over other intermediaries directly or indirectly. xii. Reference to past performance of the IA. xiii. Superlative terms such as "Best", "No. 1", Top Adviser, "Leading", "One of the best amongst market leaders", etc. so as to provide any endorsement of quality or standing of the IA. However, factual details of....
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....s, know your client forms, client agreements, statements or reports or any other form of correspondence with the client. iv. SEBI logo shall not be used by IA. 9.3. The aforesaid provisions on advertisement code and usage of brand name/trade name became applicable with effect from May 01, 2023. 10. Facilitating transaction in Mutual Fund schemes through the Stock Exchange Infrastructure^14 Registered IAs are allowed to use infrastructure of the recognized stock exchanges to purchase and redeem mutual fund units directly from Mutual Fund/ Asset Management Companies on behalf of their clients, including direct plans. 11. Unauthenticated news circulated by SEBI Registered Market Intermediaries through various modes of communication^15 IAs are directed that: a. Proper internal code of conduct and controls should be put in place. b. Employees/temporary staff/voluntary workers etc. employed/working in the Offices of market intermediaries do not encourage or circulate rumours or unverified information obtained from client, industry, any trade or any other sources without verification. c. Access to Blogs/ Chat forums/Messenger sites etc. shou....
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....lligence Unit (FIU) - The intermediaries shall be responsible for reporting of any suspicious transactions / reports to FIU or any other competent authority in respect of activities carried out by the third parties. 13. Framework for Regulatory Sandbox^18 13.1. The Objective of Regulatory Sandbox is to grant certain facilities and flexibilities to the entities regulated by SEBI so that they can experiment with FinTech solutions in a live environment and on limited set of real users for a limited time frame. 13.2. The guidelines pertaining to the functioning of the Regulatory Sandbox are available at the link below: https://www.sebi.gov.in/legal/circulars/jun-2021/revised-framework-for- regulatory-sandbox_50521.html and https://www.sebi.gov.in/legal/circulars/nov-2021/framework-for-regulatory- sandbox_53982.html 14. General Guidelines for dealing with Conflicts of Interest of intermediaries and their Associated Persons in Securities Market.19 14.1. All intermediaries are presently governed by the provisions for avoidance of conflict of interest as mandated in the regulations read with relevant circulars issued from time to time by S....
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....ormation while dealing in securities on behalf of others; j. not in any way contribute to manipulate the demand for or supply of securities in the market or to influence prices of securities; k. not have an incentive structure that encourages sale of products not suiting the risk profile of their clients; l. not share information received from clients or pertaining to them, obtained as a result of their dealings, for their personal interest; 14.5. The Boards of intermediaries shall put in place systems for implementation of the aforementioned guidelines and provide necessary guidance enabling identification, elimination or management of conflict of interest situations. The Boards shall review the compliance of the above guidelines periodically. 14.6. The said guidelines shall be in addition to the provisions, if any, contained in respective regulations/ circulars issued by the Board from time to time regarding dealing with conflict of interest, in respect of intermediaries. 15. Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market20 15.1. IAs are advised to m....
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....500/137/2011-FTTR-III dated August 31, 2015 is available at http://www.incometaxindia.gov.in/communications/notification/guidance_not es_on_im plementation_31_08_2015.pdf, for information and necessary action. 16.5. IAs shall take necessary steps to ensure compliance with the requirements specified in the aforesaid Rules after carrying out necessary due diligence. 17. Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under IAs are advised to refer to SEBI's Master Circular issued on February 03, 2023 with respect to 'Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under' available at the following link: https://www.sebi.gov.in/legal/master-circulars/feb-2023/guidelines-on-anti- money-laundering-aml-standards-and-combating-the-financing-of-terrorism-cft- obligations-of-securities-market-intermediaries-under-the-prevention-of-mo....
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....ears resolved in the current year. # Inclusive of complaints pending as on the last day of the year. 2. Undertaking on compliance of the advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions to be submitted half yearly The compliance of the advisory shall be reported by IA to SEBI with an undertaking, "Compliance of the SEBI circular for Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions has been made." 3. To conduct annual audit and submit a report and adverse findings, if any In terms of regulation 19(3) of the IA Regulations, IA is required to conduct annual audit in respect of compliance with the IA regulations and circulars issued thereunder from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India within six months from the end of each financial year. Submit a report of the same and adverse findings of the audit, if any, along with action taken thereof duly approved by the individual IA/management of the non-individual IA within a period of one month from the date of the audit report but not later than October....
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....s: The services to be provided by the Investment Adviser to be described in detail. However, the same shall be subject to the activities permitted under the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013. The Investment Adviser shall act in a fiduciary capacity towards its clients at all times. 4. Functions of the Investment Adviser: Functions, obligations, duties and responsibilities of the Investment Adviser (including principal officer and all persons associated with the investment advice), with specific provisions covering, inter alia,: a) Terms of compliance with the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 and its amendments, rules, circulars and notifications. b) Compliance with the eligibility criteria as specified under the Investment Adviser Regulations at all times. c) Risk assessment procedure of client including their risk capacity and risk aversion. d) Providing reports to clients on potential and current investments. e) Maintenance of records i.e. client-wise KYC, risk assessment, analysis reports of investment advice and suitability, terms and condit....
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....s of Amendments and termination: The implications of Amendment, Termination and assignment, such as set off of fees received by the Investment Adviser, refund of fees, completion/termination of investment-in-progress, transition support obligations of the Investment Adviser, etc. shall also be provided in detail. 11. Relationship with related parties: The Investment Adviser to clearly declare that it is carrying on its activities independently, at an arms-length basis with its related parties. Disclosures of conflicts to be made. 12. Investment Adviser engaged in other activities: i. The Investment Adviser (individual) to represent to the client that it maintains an arms-length relationship between its activities as an investment adviser and other activities and to covenant that this arm's length relationship shall be maintained throughout the tenure of advisory service; ii. In case of Investment Adviser who are individuals: (a) to represent that they shall not provide any distribution services. (b) to represent that the family of an individual Investment Adviser shall not provide distribution services to the client advised by the individua....
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....y other mode specified by SEBI from time to time. However, the fees shall not be accepted in cash. 18. Liability of Investment Adviser: The agreement to clearly state that the Investment Adviser shall not incur any liability by reason of any loss, which a client may suffer by reason of any depletion in the value of the assets under advice, which may result by reason of fluctuation in asset value, or by reason of non-performance or underperformance of the securities/funds or any other market conditions. 19. Representations and covenants: Adequate and appropriate representations about qualifications of the adviser, principal officer, persons associated with the investment advice, receipt of all applicable approvals and consents (from regulatory / statutory bodies, third party consents, corporate approvals etc.) and covenant to maintain them throughout the validity of advisory service. 20. Death or Disability of client: Provisions in relation to continuation / termination of the advisory service in event of client's death / disability, succession, nomination, representation etc. to be incorporated. 21. Death or Disability of investment adviser: Every individual investm....
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....ledge & safety. * Mission Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness. B. Details of business transacted by the Investment Adviser with respect to the investors * To enter into an agreement with the client providing all details including fee details, aspect of Conflict of interest disclosure and maintaining confidentiality of information. * To do a proper and unbiased risk - profiling and suitability assessment of the client. * To obtain registration with Know Your Client Registration Agency (KRA) and Central Know Your Customer Registry (CKYC). * To conduct audit annually. * To disclose the status of complaints in its website. * To disclose the name, proprietor name, type of registration, registration number, validity, complete address with telephone numbers and associated SEBI regional/local Office details in its website. * To employ only qualified and certified employees. * To deal with clients only from official number * To maintain records of interactions, with all clients including prospective clients (prior....
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....account available investment alternatives. vi. Ask all relevant questions and clear your doubts with your Investment Adviser before acting on advice. vii. Assess the risk-return profile of the investment as well as the liquidity and safety aspects before making investments. viii. Insist on getting the terms and conditions in writing duly signed and stamped. Read these terms and conditions carefully particularly regarding advisory fees, advisory plans, category of recommendations etc. before dealing with any Investment Adviser. ix. Be vigilant in your transactions. x. Approach the appropriate authorities for redressal of your doubts / grievances. xi. Inform SEBI about Investment Advisers offering assured or guaranteed returns. * Don'ts i. Don't fall for stock tips offered under the pretext of investment advice. ii. Do not provide funds for investment to the Investment Adviser. iii. Don't fall for the promise of indicative or exorbitant or assured returns by the Investment Advisers. Don't let greed overcome rational investment decisions. iv. Don't fall prey to luring advertisements or market ....
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....th Carried forward from previous year Received Resolved Pending# 1 2018-19 2 2019-20 3 2020-21 4 20XX-XX Grand Total * Inclusive of complaints of previous months resolved in the current month. # Inclusive of complaints pending as on the last day of the month ANNEXURE D ADVISORY FOR FINANCIAL SECTOR ORGANIZATIONS SOFTWARE AS A SERVICE (SaaS) BASED SOLUTION TLP:AMBER CERT-Fin Advisory- 201155100308 Advisory for Financial Sector Organisations- RBI and SEBI Overview It has been learnt that some of the financial sector institutions are availing or thinking of availing Software as a Service (SaaS) based solution for managing their Governance, Risk & compliance (GRC) functions so as to improve their cyber security posture. Many a time the risk & compliance data of the institution moves cross border beyond the legal and jurisdictional boundary of India due to the nature of shared cloud SaaS. While SaaS may provide e....
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.... acquirer/person who shall have the control), hereby declare and undertake the following with respect to the application for prior approval for change in control of (name of the intermediary along with the SEBI registration no.): 1. The applicant/intermediary (Name) and its principal officer, the directors or managing partners, the compliance officer and the key management persons and the promoters or persons holding controlling interest or persons exercising control over the applicant, directly or indirectly (in case of an unlisted applicant or intermediary, any person holding twenty percent or more voting rights, irrespective of whether they hold controlling interest or exercise control, shall be required to fulfill the 'fit and proper person' criteria) are fit and proper person in terms of Schedule II of SEBI (Intermediaries) Regulations, 2008. 2. We bear integrity, honesty, ethical behaviour, reputation, fairness and character. 3. We do not incur following disqualifications mentioned in Clause 3(b) of Schedule II of SEBI (Intermediaries) Regulations, 2008 i.e. (i) No criminal complaint or information under section 154 of the Code of Criminal Procedure, 1973 (2....
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..... The Board / partners (as the case may be) {hereinafter referred to as the "the Board"} of the intermediary shall have the responsibility for the outsourcing policy and related overall responsibility for activities undertaken under that policy. 1.1. The policy shall cover activities or the nature of activities that can be outsourced, the authorities who can approve outsourcing of such activities, and the selection of third party to whom it can be outsourced. For example, an activity shall not be outsourced if it would impair the supervisory authority's right to assess, or its ability to supervise the business of the intermediary. The policy shall be based on an evaluation of risk concentrations, limits on the acceptable overall level of outsourced activities, risks arising from outsourcing multiple activities to the same entity, etc. 1.2. The Board shall mandate a regular review of outsourcing policy for such activities in the wake of changing business environment. It shall also have overall responsibility for ensuring that all ongoing outsourcing decisions taken by the intermediary and the activities undertaken by the third-party, are in keeping with its outsour....
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....view the financial and operational capabilities of the third party in order to assess its ability to continue to meet its outsourcing obligations. 3. The intermediary shall ensure that outsourcing arrangements neither diminish its ability to fulfill its obligations to customers and regulators, nor impede effective supervision by the regulators. 3.1. The intermediary shall be fully liable and accountable for the activities that are being outsourced to the same extent as if the service were provided in-house. 3.2. Outsourcing arrangements shall not affect the rights of an investor or client against the intermediary in any manner. The intermediary shall be liable to the investors for the loss incurred by them due to the failure of the third party and also be responsible for redressal of the grievances received from investors arising out of activities rendered by the third party. 3.3. The facilities / premises / data that are involved in carrying out the outsourced activity by the service provider shall be deemed to be those of the registered intermediary. The intermediary itself and Regulator or the persons authorized by it shall have the right to access ....
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....for the liability of the third party to the intermediary for unsatisfactory performance/other breach of the contract 5.2.4. provides for the continuous monitoring and assessment by the intermediary of the third party so that any necessary corrective measures can be taken up immediately, i.e., the contract shall enable the intermediary to retain an appropriate level of control over the outsourcing and the right to intervene with appropriate measures to meet legal and regulatory obligations; 5.2.5. includes, where necessary, conditions of sub-contracting by the third- party, i.e. the contract shall enable intermediary to maintain a similar control over the risks when a third party outsources to further third parties as in the original direct outsourcing; 5.2.6. has unambiguous confidentiality clauses to ensure protection of proprietary and customer data during the tenure of the contract and also after the expiry of the contract; 5.2.7. specifies the responsibilities of the third party with respect to the IT security and contingency plans, insurance cover, business continuity and disaster recovery plans, force majeure clause, etc.; 5.2.8. p....
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....te IT security and robust disaster recovery capabilities. 6.4. Periodic tests of the critical security procedures and systems and review of the backup facilities shall be undertaken by the intermediary to confirm the adequacy of the third party's systems. 7. The intermediary shall take appropriate steps to require that third parties protect confidential information of both the intermediary and its customers from intentional or inadvertent disclosure to unauthorised persons. 7.1. An intermediary that engages in outsourcing is expected to take appropriate steps to protect its proprietary and confidential customer information and ensure that it is not misused or misappropriated. 7.2. The intermediary shall prevail upon the third party to ensure that the employees of the third party have limited access to the data handled and only on a "need to know" basis and the third party shall have adequate checks and balances to ensure the same. 7.3. In cases where the third party is providing similar services to multiple entities, the intermediary shall ensure that adequate care is taken by the third party to build safeguards for data security and confident....
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.... - Clarifications 12 SEBI/HO/IMD/DF1/CIR/P/ 2020/148 06-Aug-20 Administration and Supervision of Investment Advisers 13 SEBI/HO/IMD/DF1/CIR/P/ 2020/182 23-Sep-20 Guidelines for Investment Advisers 14 SEBI/HO/IMD/DF1/CIR/P/ 2020/185 28-Sep-20 Operating Guidelines for Investment Advisers in International Financial Services Centre (IFSC) - Amendments 15 SEBI/HO/MIRSD2/DOR/CI R/P/2020/221 03-Nov-20 Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions 16 SEBI/HO/IMD-1/DOF- 1/P/CIR/2021/622 31-Aug-21 Extension of time for seeking membership of BSE Administration & Supervision Limited 17 SEBI/HO/IMD/IMD- I/DOF1/P/CIR/2021/579 18-Jun-21 Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013 18 SEBI/HO/IMD/IMD- I/DOF1/P/CIR/2021/632 30-Sep-21 Guidelines for Investment Advisers' - Extensi....