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SEBI issues Master Circular for Investment Advisers rescinding 25 previous circulars

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Securities and Exchange Board of India

Securities and Exchange Board of India

On 21-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued the Master Circular for Investment Advisers to compile all relevant circulars for the investment advisers that had been issued as of 15-05-2024.

Key Points:

  1. This Master Circular supersedes the Master Circular for Investment Advisers dated 15-06-2023 which was a compilation of all relevant circulars as were previously issued.

  2. All guidelines and directions issued to the Investment Advisers through circulars and advisories as of 15-05-2024 have been incorporated in this Master Circular.

  3. The circulars/advisories that have been rescinded to the extent that they relate to Investment Advisers, as mentioned in the Appendix of the Master Circular are as follows:

    • Circular dated 23-03-2011 — Unauthentic news circulated by SEBI Registered Market Intermediaries through various modes of communication

    • Circular dated 24-03-2011 — Addendum to Circular no. Cir/ISD/1/2011

    • Circular dated 15-12-2011 — Guidelines on Outsourcing of Activities by Intermediaries

    • Circular dated 28-08-2014 — Information regarding Grievance Redressal Mechanism

    • Circular dated 27-08-2013 — General Guidelines for dealing with Conflicts of interest of intermediaries and their associated persons in Securities Market

    • Communication dated 19-10-2016 — Facilitating transaction in Mutual Fund schemes through the Stock Exchange Infrastructure

    • Communication dated 27-12-2019 — Measures to strengthen the conduct of Investment Advisers

    • Guidelines dated 09-01-2020 — Operating Guidelines for Investment Advisers in International Financial Services Centre

    • Guidelines dated 28-02-2020 — Operating Guidelines for Investment Advisers in International Financial Service Centre (IFSC) — Clarifications

    • Communication dated 06-08-2020 — Administration and Supervision of Investment Advisers

    • Guidelines dated 23-09-2020 — Guidelines for Investment Advisers

    • Guidelines dated 28-09-2020 — Operating Guidelines for Investment Advisers in International Financial Service Centre (IFSC) — Amendments

    • Advisory dated 03-11-2020 — Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions

    • Communication dated 31-08-2021 — Extension of time for seeking membership of BSE Administration & Supervision Limited

    • Framework dated 18-06-2021 — Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013

    • Guidelines dated 30-09-2021 — Guidelines for Investment Advisers — Extension of timelines

    • Communication dated 13-12-2021 — Publishing Investor Charter and disclosure of Investor Complaints by Investment Advisers on their websites/mobile applications

    • Communication dated 21-12-2021 — Investment Advisory Services for Accredited Investors

    • Communication dated 28-11-2022 — Procedure for seeking prior approval for change in control

    • Communication dated 25-02-2022 — Approach to securities market data access and terms of usage of data provided by data sources in Indian Securities Market

    • Communication dated 05-04-23 — Advertisement code for Investment Advisers and Research Analysts

    • Communication dated 06-04-23 — Usage of brand name/trade name by Investment Advisers and Research Analysts

    • Communication dated 10-10-23 — Extension in timeline for compliance with qualification and experience requirements under Regulation 7(1) of SEBI (Investment Advisers) Regulations, 2013

    • Framework dated 02-05-2024 — Framework for administration and supervision of Research Analysts and Investment Advisers

    • Communication dated 07-05-2024 — Periodic Reporting Format for Investment Advisers

  4. Inspite of the rescission:

    1. Anything done/ action taken/ purported to have been done/ taken under the rescinded circulars prior to such rescission, will be deemed to have been done/ taken under the corresponding provisions of this Master Circular.

    2. Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it will be deemed to have been made under the corresponding provisions of this Master Circular.

    3. The previous operation of the rescinded circulars will remain unaffected as if the rescinded circulars have never been rescinded.

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