Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Investment Advice (PAIA) – Sales and other non-core services

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....Investment Adviser Administration and Supervisory Body (IAASB) Madam/ Sir, Sub: Ease of Doing Business - Relaxation in certification requirement for Persons Associated with Investment Advice (PAIA) - Sales and other non-core services 1. In terms of Regulation 7 of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 ("IA Regulations"), Persons Associated with Inv....

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....y perform sales and other non-core services. These staff have contact with the client but are not directly associated or involved in investment advice related aspects. 4. Accordingly, the following is being specified: 4.1. PAIA, who perform only sales and other non-core services, shall obtain certification from NISM by passing the "NISM Series-XXV-B: Persons Associated with Investment Advice....

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....B certification at this stage. Such PAIA shall obtain NISM Series-XXV-B certification only before expiry of the validity of their existing certifications. 6. The provisions of this circular shall come into force with immediate effect. 7. The Investment Adviser Administration and Supervisory Body, is advised to: 7.1. make necessary amendments to the relevant bye-laws and rules, for the imp....