Bermuda Monetary Authority’s Post

In SEBI Board Meeting held on September 30, 2024, SEBI has approved the proposal of review of the regulatory framework for RIAs and RAs. Some of key proposals that have been approved by the Board are : 1) The minimum qualification requirement is to be reduced to graduate degree in specified fields. Requirement of experience for IA / RA registration is removed. 2) NISM certifications will be required only at the time of registration. The requirement to renew the certifications will be removed. However, a certification based on incremental changes/developments would be required. 3) Individuals can register both as RIA and RA. 4) Individuals and partnership firms, involved in other non-conflicting activities, can register as part-time RIA / RA. 5) The requirement for corporatization by individual IAs has been relaxed. The threshold would now be 300 clients (instead of 150 clients earlier) or fee collection of INR 3 crore during the financial year, whichever is earlier. 6) Only Investment advice related to securities under purview of SEBI shall fall under the purview of IA Regulations. 7) Trading call providers will fall under RA regulations. More details about regulatory changes are awaited.

PII renewal time It’s that time of year again… it’s nearly time to renew your PII and submit your SRA bulk renewal. If your renewal costs are a problem then speak to us about solutions. Regulatory impacts and timescales are key 🔑 #investment #privateinvestors #investmentopportunities #investmentstrategies #investmentstrategy #ABS #licencedbody #SRA #RICS #CILEx #CLC #clientfiles #compliance #lawfirmadministration #insolvency #sramanagedwinddown #PII #lawfirmrestructure #insurancerenewals #srabulkrenewal #thirdpartymanagedaccounts #professionalindemnityinsurance

"SEBI, in its recent circular for Investment Advisers and Research Analysts, has introduced an optional centralized fee collection mechanism." The following changes are introduced: 1.The Securities and Exchange Board of India (SEBI) has introduced an optional centralized fee collection mechanism (CeFCoM) for registered investment advisers (IAs) and research analysts (RAs) to facilitate transparent and secure fee payments from clients. 2.This mechanism aims to create a closed payment ecosystem and enable investors to easily identify registered IAs and RAs. 3.Clients will pay fees through a designated platform or portal administered by a recognized Administration and Supervisory Body (ASB), in this case, BSE Limited. 4.BSE Limited will specify the operational framework for the mechanism by September 23, 2024, and make it operational from October 01, 2024. 5.While the mechanism is optional, the ASB will encourage clients and registered IAs and RAs to use its services to protect investors' interests. 6.This circular is issued under the powers conferred by Section 11(1) of the SEBI Act, 1992, and relevant regulations to safeguard investors and promote the development and regulation of the securities market. #SEBI #Compliance #investmentadvisers #financialadvisory #regulatoryupdate Dolat Capital

Happy to share an article that has been recently published in Taxsutra. The article focuses on SEBI's SOP Updates for Technical Glitches in Market Infrastructure Institutions. Here are some key highlights. Shift in Liability: Automatic personal liability of MD and CTO for technical glitches has been removed. Now, only MIIs are held accountable. Opportunity for Submissions: MIIs can present their case to SEBI before financial disincentives are imposed. Revised Reporting: MIIs must disclose financial disincentives in their annual reports and on their websites, ensuring greater transparency. This progressive amendment promotes ease of doing business while holding MIIs accountable for system disruptions. A step forward in balancing innovation and responsibility! Check out the full article here - http://bit.ly/4fV1ztI

📢 Update from SEBI: Relaxation from Compliance with certain provisions of SEBI LODR Regulations, 2015: On October 7, 2023, SEBI announced a relaxation of regulations for Annual General Meetings (AGMs) and electronic general meetings, extending compliance deadlines until September 30, 2024. This follows the MCA's earlier relaxations. Recently, the MCA extended the exemption from sending physical copies of financial statements to shareholders for AGMs until September 30, 2025. Consequently, SEBI has now aligned its relaxations to also extend until September 30, 2025. Listed entities must continue to adhere to specific compliance conditions outlined in the Master Circular dated July 11, 2023, while benefiting from these relaxations. For more details, refer to the latest circular. #SEBI #CorporateGovernance #AGM #RegulatoryUpdate

“SEBI has made significant amendments to the SEBI LODR Regulations dated 17 May 2024.'' Here is an iteration presented by Mr. Asish Abraham, Partner, Ms. Astha Sinha Principle Associate, and Ms. Simran Chetwani, Associate to provide insights into the legal implications. Key updates include – - Revised requirements for listed entities to verify market rumours; - Computation of market capitalisation and relaxed guidelines for filling vacancies in the office of KMPs. This presentation is for informational purposes only and should not be constructed as legal advice. #SEBI #LODR #sebiregulations #LODRamendment

### Important Notice on SEBI Communications Please be aware that any communications between SEBI-registered intermediaries and regulated entities, including summaries of discussions, meeting minutes with SEBI officials, or interpretations of securities market issues, **should not** be regarded as SEBI’s official approval, clarification, or stance on any matter—such as policy interpretations or operational guidelines—unless explicitly stated by SEBI. #### Guidance for Intermediaries and Entities: 1. **Approval and Clarification:** - Implement measures that require SEBI’s approval or clarification only after obtaining explicit written confirmation or communication from SEBI. 2. **Seeking Guidance:** - Utilize the Securities and Exchange Board of India (Informal Guidance) Scheme 2003, or any of its amendments, to request interpretive or no-action letters from SEBI when needed. By adhering to these guidelines, you ensure compliance and avoid misunderstandings regarding SEBI’s official positions. Mindspright Legal #Securitieslawupdate #securitieslaw #SEBI #intermediaries #Informalguidance

**SEBI Proposes Easing Disclosure Requirements for Foreign Portfolio Investors** The Securities and Exchange Board of India (SEBI) is considering changes to its disclosure requirements for foreign portfolio investors (FPIs). In 2023, SEBI tightened regulations to address concerns about FPIs potentially using concentrated investments to bypass rules, particularly those with connections to investors from land-bordering countries (LBCs). However, recognising the operational challenges this posed for some FPIs, SEBI has now proposed a more streamlined, risk-based approach. Key Proposed Changes: - Risk-Based Threshold: FPIs would be categorised as LBC or non-LBC based on the origin of entities holding a majority economic interest in the FPI. - ⁠Simplified Disclosures: Granular disclosures would only be required if neither LBC nor non-LBC entities meet the majority threshold. This proposed change is a positive step towards easing operational burdens for FPIs and promoting ease of business in India. By adopting a risk-based approach, SEBI aims to streamline the disclosure process while addressing regulatory concerns. Read this article authored by Ankit Bhasin and Akshita Mittal: https://lnkd.in/g7SgGjeB #BurgeonLaw #SEBI #FPI #Investment #India #RegulatoryChanges #EaseOfDoingBusiness

SEBI Takes a Giant Leap Towards Ease of Doing Business! The SEBI Expert Committee has just floated consultation paper with recommendations to streamline the LODR and ICDR regulations. This is HUGE news for listed companies! Key highlights: a) Simplified filings and disclosures: Single filing system, automation, and curated links. b) Flexible board governance: More time for committee appointments and reduced shareholder approval timelines. c) Clearer promoter and related party rules: Streamlined processes and exemptions. d) Enhanced shareholder participation: Virtual and hybrid meetings get a green light. e) Stronger corporate governance: Diversity and regular independent director meetings, dedicated compliance officer. f) Smoother IPO process: Combined advertisements, QR codes, and flexible timelines. g) Aligns material subsidiary identification thresholds, simplifying regulatory compliance. h)   Harmonizes disclosure requirements for material agreements, ensuring uniformity across regulations. These changes are a game-changer for the Indian capital market. We can expect increased efficiency, transparency, and investor confidence. What are your thoughts on these recommendations? Do you think they will significantly impact the corporate world? Let's discuss! #SEBI #LODR #ICDR #EaseofDoingBusiness #CorporateGovernance #InvestmentBanking #Compliance #Regulations #Shareholders