“Existing IAs who fail to seek membership of BASL within the aforesaid timeline shall be liable for appropriate action including suspension or cancellation of certificate of registration of such IAs,” it added.
Earlier, the investment advisers had to obtain the membership by August 31, 2021.
The decision to extend the deadline by two months was taken as BASL received representations from some of the existing investment advisers requesting for extension of time.
BASL is a wholly-owned subsidiary of BSE, for administration and supervision of investment advisers.
According to norms, BASL is required to supervise IAs, including both onsite and offsite, redress grievances of clients and IAs, take administrative action including issuing warnings and referring to Sebi for enforcement action.
In addition, it will have to monitor activities of IAs by obtaining periodical reports, submit such reports to Sebi and maintain a database of IAs.