Notice No. 20250113-55
Notice Date 13 Jan 2025
Category Others Segment IA/RA
Subject Notification for amendments in the terms of sub-regulation (2) of Regulation 7 of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
In terms of sub-regulation (2) of Regulation 7 of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (hereinafter referred to as “the IA Regulations, 2013”), the Board had issued Notification No. LAD-NRO/GN/2013-14/13/6109 dated June 19, 2013 and Notification No. LAD- NRO/GN/2013-14/42/118 dated January 27, 2014, as per which Investment Advisers and their associated persons, including their partners and representatives, offering investment advice, were required to obtain certification(s) from the National Institute of Securities Markets by passing NISM Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM Series-X-B: Investment Adviser (Level 2) Certification Examination, as mentioned in the NISM communique No. NISM/Certification/Series-X-A: IA-L1/2013/01 dated May 21, 2013 and NISM communique No. NISM/Certification/Series-X-B: IA-L2/2013/01 dated November 26, 2013 respectively.
In terms of sub-regulation (2) of Regulation 7 of the IA Regulations, 2013, SEBI has notified that an individual Investment Adviser or principal officer of a non-individual Investment Adviser, persons associated with investment advice and the partners of an Investment Adviser being a partnership firm, who are engaged in providing investment advice:
(i) shall obtain certification(s) from the National Institute of Securities Markets by passing the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination as mentioned in the NISM communique No. NISM/Certification/Series-X-A: IA-L1/2013/01 dated May 21, 2013 and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination as mentioned in the NISM communique No. NISM/Certification/Series-X-B: IA-L2/2013/01 dated November 26, 2013.
(ii) shall in order to ensure continuity in the compliance with the certification requirements, before expiry of the validity of the existing certification, obtain the certification by passing the NISM-Series-X-C: Investment Adviser Certification (Renewal) Examination as mentioned in the NISM communique No. NISM/Certification/NISM-Series-X-C: Investment Adviser Certification (Renewal) Examination/2024/01 dated November 5, 2024.
Investment Advisers are advised to take note of the same and ensure compliance.
For and on behalf of BSE Ltd.
Meghana Kulkarni Dy. General Manager Membership Operations & Membership Compliance
Neeky Subramaniam Associate Manager Membership Operations & Membership Compliance