(A) Annual Compliance Certificate for Client Level Segregation by nonindividual Investment Advisers
It has been decided to allow a non-individual IA to obtain an annual compliance certificate from any auditor.
In view of the above, the paragraph 1.2 (i) (i) of the Master Circular shall stand modified as under:
“1.2. (i) Client Level Segregation of Advisory and Distribution Activities (i) The IAs shall maintain on record an annual certificate from an auditor 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.”
(B) Timeline for submission of periodic reports – 30 days from the end of reporting period
It has been decided to grant a period of 30 days to make submission of periodic reports to IAASB.
Accordingly, paragraph 20.6.ii of the Master Circular shall stand revised as under:
“20.6.ii For the subsequent half-yearly periods, IAs shall submit periodic reports within 30 days from the end of the half-yearly period for which details are to be furnished.”
The provisions of this circular shall come into force with immediate effect.
Link – https://www.sebi.gov.in/legal/circulars/oct-2024/annual-compliance-certificate-for-client-level-segregation-by-non-individual-investment-advisers-and-timeline-for-submission-of-periodic-reports_87975.html
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