35% of investment advisors still not registered, says SEBI chief

Despite a simple registration process, around 35 per cent of investment advisers are still not registered with the regulator, Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.

She sought industry associations’ help in getting more advisers to get registered with the regulator.

“We require investment advisors to register…There are a large number, some 35 per cent of investment advisors, still not registered,” Buch said at an event organised by the Association of Registered Investment Advisers (ARIA).

“…It’s your profession, it is your livelihood, and in all this time, forget other compliances, you have not found time or inclination to come and register,” the SEBI Chairperson said.

As per the SEBI website, there are 1,314 registered investment advisers. However, to operate as registered investment advisers (RIAs), these entities have to register with BSE Administration and Supervision Ltd (BASL), a wholly owned subsidiary of BSE, which has been granted approval from SEBI for administration and supervision of Investment Advisers (IAs). At present, there are around 900 BASL registered members.