TaxTMI 
TaxTMI 
TaxTMI 
Master Circular for Research Analysts
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar, to the extent they relate to the RAs, shall stand rescinded 4. Notwithstanding such rescission, a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded. 5.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 powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under VI. REPORTING REQUIREMENTS VII. ANNEXURES 15. ANNEXURE A - Investor Charter In respect of RAS Page No. 28 29 31 16. ANNEXURE B - Complaint Data to be displayed by RAS 34 17. ANNEXURE C - Advisory for Financial Sector Organizations Software 36 as a Service (SaaS) based solution 18. ANNEXURE D - Declaration cum undertaking for seeking prior 38 approval for change in control 20. VIII. 19. ANNEXURE E - Principles for outsourcing for intermediaries ANNEXURE F - Detailed framework for RAASB and IAASB APPENDIX: List of Circulars/ Notifications/Communications 40 47 52 Page 4 of 53 S=31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India I. GUIDELINES FOR RESEARCH ANALYSTS 1. Procedural Guidelines for Proxy Advisors¹ 1.1 Regulation 24(2) read with regulation 23(1) of the Securities and Exchange Board of India (Research....
X X X X Extracts X X X X
X X X X Extracts X X X X
....egal requirement vis-a-vis higher standard they are suggesting if any, and the rationale behind the recommendation of higher standards. g) Proxy Advisors shall disclose conflict of interest on every specific document where they are giving their advice. Further, the disclosures should especially address possible areas of potential conflict and the safeguards that have been put in place to mitigate possible conflicts of interest. h) Proxy Advisors shall establish clear procedures to disclose, manage and/or mitigate any potential conflicts of interest resulting from other business activities including consulting services, if any, undertaken by them and disclose the same to clients. 1.2 The provisions of Clause 1.1(c) and 1.1(e) became applicable with effect from February 01, 2021.3 All other provisions of clause 1.1 became applicable with effect from January 01, 2021.4 3 Reference: Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/157 dated August 27, 2020 and Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/256 dated December 31, 2020 4 Reference: Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/157 dated August 27, 2020. Page 6 of 53 5-3 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤....
X X X X Extracts X X X X
X X X X Extracts X X X X
....one and the same stock exchange. Timeline for implementation 2.4. The above provisions of clause 2 as well as provisions contained in Annexure F shall become effective on July 25, 2024 (ninetieth day from the date of publication in the Official Gazette of the amendments to RA Regulations made vide the SEBI (Research Analysts) (Amendment) Regulations, 2024 and the amendments to IA Regulations made vide the SEBI (Investment Advisers) (Amendment) Regulations, 2024). III. INVESTOR COMPLAINTS 3. Grievance Resolution between listed entities and proxy advisers 11 3.1. Regulation 4(2)(a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('LODR Regulations') casts certain obligations on listed entities to protect and facilitate the exercise of the rights of shareholders, including: a) right to participate in, and to be sufficiently informed of, decisions concerning fundamental corporate changes, b) opportunity to participate effectively and vote in general shareholder meetings, c) effective shareholder participation in key corporate governance decisions, such as the nomination and election of members of board....
X X X X Extracts X X X X
X X X X Extracts X X X X
....¨à¤¿à¤®à¤¯ बोरà¥à¤¡ Securities and Exchange Board of India 4.2. As an additional measure and for information of all investors who deal/ invest/transact in the market, the research analysts shall prominently display in their offices the following information about the grievance redressal mechanism available to investors. Dear Investor, In case of any grievance/complaint against the research analyst: Please contact Compliance Officer of the research analyst (Name and Address) email-id ([email protected]) and Phone No. - - 91-XXXXXXXXXX. You may also approach CEO / Partner / Proprietor (Name) / email- id ([email protected]) and Phone No. - 91-XXXXXXXXXX. If not satisfied with the response of the research analyst you can lodge your grievances with SEBI at http://scores.gov.in or you may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575. 4.3. Research analysts are also advised to refer to the following circulars on the redressal of investor grievances through the SEBI Complaints Redressal System (SCORES) platform and Online Dispu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....BI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13, 2021 Page 11 of 53 S31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India having websites/mobile applications shall, as a one-time measure, send Investor Charter to the investors on their registered e-mail address. 5.3. Additionally, in order to enhance transparency in grievance redressal, Research Analyst (RA) shall disclose on their websites/mobile applications, all complaints including SCORES complaints received by them in the format mentioned in Annexure B on a monthly basis. The information shall be made available by 07th of the succeeding month. Research Analysts not having websites/mobile applications shall send status of Investor Complaints to the investors on their registered email on a monthly basis. 5.4. Further, Research Analysts are advised to display link/option to lodge complaint with them directly on their websites and mobile apps. Additionally, link to SCORES website/ link to download mobile app (SEBI SCORES) may also be provided. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ated November 28, 2022 Page 13 of 53 531 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India 6.2 To streamline the process of providing approval to the proposed change in control of research analyst or research entity (hereinafter referred as intermediary or applicant), it has been decided as under: i) The Intermediary shall make an online application to SEBI for prior approval through the SEBI Intermediary Portal ('SI Portal') (https://siportal.sebi.gov.in). ii) The online application in SI portal shall be accompanied by the following information/declaration/undertaking about itself, the acquirer(s)/the person(s) who shall have the control and the directors/partners of the acquirer(s)/ the person(s) who shall have the control: a. Current and proposed shareholding pattern of the applicant. b. Whether any application was made in the past to SEBI seeking registration in any capacity but was not granted? If yes, details thereof. C. Whether any action has been initiated / taken under Securities Contracts ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any Law Tribunal Page 15 of 53 531 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India (NCLT) in terms of the provisions of the Companies Act, 2013, the following has been decided: i) The application seeking approval for the proposed change in control of the intermediary shall be filed with SEBI prior to filing the application with NCLT. ii) Upon being satisfied with compliance of the applicable regulatory requirements, an in-principle approval will be granted by SEBI; iii) The validity of such in-principle approval shall be three months from the date issuance, within which the relevant application shall be made to NCLT. iv) Within 15 days from the date of order of NCLT, the intermediary shall submit an online application in terms of clause 5.2 along with the following documents to SEBI for final approval: a. Copy of the NCLT Order approving the scheme; b. Copy of the approved scheme; C. Statement explaining modifications, if any, in the approved scheme vis-à -vis the draft scheme and the reasons ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....‹à¤°à¥à¤¡ Securities and Exchange Board of India addition or deletion of words shall be made to/from the standard warning. iv. In audio-visual media based advertisements, the standard warning in visual media based advertisement and accompanying voice over reiteration shall be audible in a clear and understandable manner. For example, in standard warning both the visual and the voice over reiteration containing 20 words running for at least 10 seconds may be considered as clear and understandable. V. Whenever the advertisement is being issued in a language other than English, it will be ensured that the standard warning is accurately translated in the language of the advertisement. vi. In case the mode of advertisement is SMS/Message/Pop-up, social media etc. and the details such as full name, logo/brand name, full registered office address, SEBI registration number, membership number of a SEBI recognized supervisory body, if any and standard disclaimer are not mentioned, then official website hyperlink should be provided in such SMS/Message/Pop-up, etc. and the website must contain all such details. vii. In case any specific security/securities are ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d/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 RA. xiii. Superlative terms such as "Best", "No. 1", Top Research Analyst, "Leading", "One of the best amongst market leaders", etc. so as to provide any endorsement of quality or standing of the RA. However, factual details of awards received by the RA from independent organizations may be included. xiv. Advertisements shall not include SEBI Logo. d. Other compliances/requirements: i. Prior approval for the advertisement/material shall be obtained from SEBI recognized supervisory body, if any, before issue. ii. In the event of suspension of any RA by SEBI, the RA so suspended shall not issue any advertisement either singly or jointly with any other RA, during the period of suspension. Page 20 of 53 531 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... name became applicable with effect from May 01, 2023. 9. Unauthenticated news circulated by SEBI Registered Market Intermediaries through various modes of communication 18 9.1. Due to lack of proper internal controls and poor training, employees of intermediaries are sometimes not aware of the damage which can be caused by circulation of unauthenticated news or rumours. It is a well established fact that market rumours can do considerable damage to the normal functioning and behaviour of the market and distort the price discovery mechanisms. 9.2. In view of the above facts, SEBI Registered Market Intermediaries are directed that: i. Proper internal code of conduct and controls should be put in place. 18 Reference: Circular No. CIR/ISD/1/2011 dated March 23, 2011 Page 22 of 53 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Stefa Securities and Exchange Board of India ii. iii. iv. V. Employees/temporary staff/voluntary workers etc. employed/working in the Offices of market intermediaries do not encourage or circulate rumours or unve....
X X X X Extracts X X X X
X X X X Extracts X X X X
....their activities shall not, however, outsource their core business activities and compliance functions. An example of core business activity may be execution of orders and monitoring of trading activities of clients in case of stock brokers. Regarding Know Your Client (KYC) requirements, the intermediaries shall comply with the provisions of SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011 and Guidelines issued thereunder from time to time. 10.6. Other Obligations: Reporting to Financial Intelligence 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. Page 24 of 53 S31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India 11. Framework for Regulatory Sandbox21 11.1. 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nternal code of conduct governing operations and formulate standards of appropriate conduct in the performance of their activities, and ensure to communicate such policies, procedures and code to all concerned; at all times maintain high standards of integrity in the conduct of their business; iii. iv. ensure fair treatment of their clients and not discriminate amongst them; ensure that their personal interest does not, at any time conflict with their duty to their clients and client's interest always takes primacy in their advice, investment decisions and transactions; V. make appropriate disclosure to the clients of possible source or potential areas of conflict of interest which would impair their ability to render fair, objective and unbiased services; vi. endeavor to reduce opportunities for conflict through prescriptive measures such as through information barriers to block or hinder the flow of information from one department/ unit to another, etc.; Page 26 of 53 S31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ML) 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 Research Analysts are advised to refer to the following circulars 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': i. Master Circular issued on February 03, 2023, 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- 23 Reference: Circular SEBI/HO/DEPA-III/DEPA-III_SSU/P/CIR/2022/25 dated Feb 25,2022 Page 28 of 53 531 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India cft-obligations-of-securities-market-intermediaries-under-the-prevention-of- money-laundering-act-2002-a- 67833.html ii. Circular....
X X X X Extracts X X X X
X X X X Extracts X X X X
....¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ ☠Grand Total Securities and Exchange Board of India *Inclusive of complaints of previous years 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 research analysts 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: In terms of regulation 25(3) of RA Regulations, research analyst or research entity shall conduct annual audit in respect of compliance with RA regulations and circulars issued thereunder from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India. VII. ANNEXURES ANNEXURE A INVESTOR CHARTER IN RESPECT OF RAS A. Vision and Mission Statements for investors Vision: Invest with know....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ibilities of investors) • Do's i. Always deal with SEBI registered Research Analyst. ii. iii. Ensure that the Research Analyst has a valid registration certificate. Check for SEBI registration number. iv. V. vi. vii. Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised Fpi=y es&intm Id=14) Always pay attention towards disclosures made in the research reports before investing. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. Before buying securities or applying in public offer, check for the research recommendation provided by your Research Analyst. viii. ix. Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation. Inform SEBI about Research Analyst offering assured or guaranteed returns. Don'ts i. Do not provide funds for investment to the Research Analyst. ii. Don't fall prey to luring advertisements or market rumors. iii. iv. Do not get attracted to limited period disco....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... SOFTWARE AS A SERVICE (SaaS) BASED SOLUTION CERT-Fin Advisory- 201155100308 Advisory for Financial Sector Organisations - RBI and SEBI Overview TLP:AMBER 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 ease of doing business and quick turnaround, it also brings significant risk to the overall health of India's financial sector with respect to data safety and security. Description If the following data sets fall in the hands of an adversary/cyber attacker, it may lead to unprecedented increase in the attack surface area and weakening of Indian financial sector infrastructure's overall resilience. • Credit Risk Data • Oliquidity Risk Data • Market Risk Data • System & Sub-System Information • Internal & Partner IP Schema • Net....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ame 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. 3. We bear integrity, honesty, ethical behaviour, reputation, fairness and character. 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 of 1974) has been filed against us by the Board and which is pending. (ii) (iii) No charge sheet has been filed against us by any enforcement agency in matters conc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....PLES FOR OUTSOURCING FOR INTERMEDIARIES 1. An intermediary seeking to outsource activities shall have in place a comprehensive policy to guide the assessment of whether and how those activities can be appropriately outsourced. 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 changin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....termediary and / or its senior management, as and when needed. Such records shall be regularly updated and may also form part of the corporate governance review by the management of the intermediary. 2.4. Regular reviews by internal or external auditors of the outsourcing policies, risk management system and requirements of the regulator shall be Page 41 of 53 SZ31 53 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India mandated by the Board wherever felt necessary. The intermediary shall review 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. Out....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hts, responsibilities and expectations of the parties to the contract, client confidentiality issues, termination procedures, etc. 5.1. Outsourcing arrangements shall be governed by a clearly defined and legally binding written contract between the intermediary and each of the third parties, the nature and detail of which shall be appropriate to the materiality of the outsourced activity in relation to the ongoing business of the intermediary. 5.2. Care shall be taken to ensure that the outsourcing contract: 5.2.1. clearly defines what activities are going to be outsourced, including appropriate service and performance levels; Page 43 of 53 S31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India 5.2.2. provides for mutual rights, obligations and responsibilities of the intermediary and the third party, including indemnity by the parties; 5.2.3. 5.2.4. 5.2.5. 5.2.6. 5.2.7. 5.2.8. provides for the liability of the third party to the intermediary for unsatisfactory performance/other breach of the co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ty. 6. The intermediary and its third parties shall establish and maintain contingency plans, including a plan for disaster recovery and periodic testing of backup facilities. 6.1. Specific contingency plans shall be separately developed for each outsourcing arrangement, as is done in individual business lines. 6.2. An intermediary shall take appropriate steps to assess and address the potential consequence of a business disruption or other problems at the third party level. Notably, it shall consider contingency plans at the third party; co- ordination of contingency plans at both the intermediary and the third party; and contingency plans of the intermediary in the event of non-performance by the third party. 6.3. To ensure business continuity, robust information technology security is a necessity. A breakdown in the IT capacity may impair the ability of the intermediary to fulfill its obligations to other market participants/clients/regulators and could undermine the privacy interests of Page 45 of 53 5-3 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बो....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eligibility criteria: (i) Minimum number of years of existence as recognised stock exchange: 15 years; (ii) Minimum net worth of recognised stock exchange: INR 200 crores; (iii) Stock exchange having nation-wide terminals; (iv) Investor grievance redressal mechanism including Online Dispute Resolution Mechanism; (v) Capacity for investor service management gauged through reach of Investor Service Centers (ISCs): Stock exchange having ISCs in at least 20 cities. 2. Setting up of requisite systems by stock exchange recognised as RAASB/ IAASB: 2.1. The stock exchange recognised as RAASB/IAASB shall include in its Memorandum of Association, Articles of Association and bye-laws, requisite provisions to fulfil the role and responsibilities specified in para 3 below. 2.2. The stock exchange recognised as RAASB/IAASB shall maintain necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the responsibilities of RAASB/ IAASB. Infrastructure may be shared with other group entities where required. 2.3. The stock exchange recognised as RAASB/IAASB shall put in place systems/ processes for maintaining database of RAS/IAs, sharing of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India person, contact details, etc. d. Change shareholding e. Merger/ amalgamation/ takeover/ change in control of RA/IA f. Surrender registration g. NOC of for establishing wholly e. Merger/amalgamation/takeover/change control of RA/IA f. Surrender of registration in g. NOC for establishing wholly owned subsidiary/ joint venture in foreign jurisdiction, etc. 3. Approval of advertisements of RAS/IAs as per Advertisement Code issued by SEBI 4. Maintenance of database of RAS/IAS 5. Enlisting RAS/IAs in the proposed RAASB/IAASB owned subsidiary/ 6. Issuance of circulars/instructions/standard operating joint venture in foreign jurisdiction, etc. 3. Supervision of RAS/IAs 4. Taking enforcement action suo moto or otherwise 5. Taking disciplinary/ penal action including levying penalty on recommendation proposed body 6. Grievance redressal of procedures, etc. to RAS/IAs for implementation of provisions of SEBI regulations/ circulars 7. Submission of periodical reports....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d to be enlisted with the IAASB recognised under this framework. 24 BASL-BSE Administration and Supervision Limited ("BASL") which is currently recognized as IAASB Page 50 of 53 5-31 à¤à¤¾à¤°à¤¤à¥€à¤¯ पà¥à¤°à¤¤à¤¿à¤à¥‚ति और विनिमय बोरà¥à¤¡ Securities and Exchange Board of India (iv) New applications received from the effective date of operationalization of RAASB/IAASB framework shall be routed through RAASB/IAASB. In such cases, enlistment with RAASB/ IAASB shall be a pre-requisite for grant of certificate of registration as RA/ IA by SEBI. (v) With reference to the RAS/IAs/applicants referred in point (i) to (iii) above, it is clarified that no additional documentation shall be required to be submitted by such RAS/IAs/applicants for enlistment with RAASB or IAASB as the case may be. 5. Repeal and Savings with respect to erstwhile IAASB framework 5.1 Any action taken or purported to have been taken or any action that may be taken against any person in relation to the membership of IAASB recognised under regulation 14 of IA Regulations shall be de....