Market regulator the Securities and Exchange Board of India (SEBI) has asked all investment advisors to get registered by 21 October 2013 in order to continue their services.
SEBI said they shall comply with the requirement of obtaining a certificate of registration for acting as investment adviser under the IA regulations.
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The regulator said the persons seeking registration under IA Regulations may file their registration application with the concerned regional office or local office of the board.
According to the regulatory, in terms of the IA Regulations, no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from the board or he is specifically exempt.
The regulator says provided that "a person acting as an investment adviser immediately before the commencement of these regulations may continue to do so for a period of six months from such commencement or, if it has made an application for a certificate within the said period of six months, till the disposal of such application."
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