Investment Advisers Regulations: Fine Job By SEBI!

Published on Fri, Jan 25,2013 | 18:29, Updated at Fri, Jan 25 at 18:29Source : Moneycontrol.com 

Five months after granting approval to the regulations relating to registration and regulation of investment advisers in its board meeting of August 16, 2012, Securities and Exchange Board of India ("SEBI") has notified the much awaited SEBI (Investment Advisers) Regulations, 2013 ("IA Regulations") on January 21, 2013. The IA Regulations have seen the light of the day after two consultative papers issued by SEBI in 2007 and 2011 seeking stakeholder opinions and expert comments on substance and form relating to the framework for regulation of investment advisers.

Some key changes have been notified in the final regulations that the industry would be thankful for, including:

· Extending exemption from registration to investment advisers providing investment advice exclusively to clients based outside India; and

· Extending exemption from registration to fund managers of all intermediaries or entities registered with SEBI. Thus, expanding the scope of the exemption beyond managers of mutual funds and alternative investment funds, as was stated in the Board Meeting Minutes. The exemption would now also extend to managers of venture capital funds that are registered with SEBI under the erstwhile SEBI (Venture Capital Funds) Regulations, 1996 ("VCF Regulations").

In this alert, Nishith Desai Associates does an in-depth analysis of the IA Regulations to understand its impact across the financial industry.

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