Marker regulator, the Securities and Exchange Board of India (SEBI) has reportedly issued a circular clarifying the operating guidelines for Investment Advisors (IA) in International Financial Services Centre (IFSC).
According to the circular, the net worth requirement for registered IA in IFSC has been revised to USD 700,000. The net worth requirement was changed by the market regulator on account of the representation received from stakeholders.
Also, the circular clarified that existing established entities in the Internation Financial Services Centre (IFSC) can register themselves as investment advisors without the need of having to form a new body or a limited liability partnership (LLP).
The circular was issued by the market regulator to protect the investors’ interest in securities and regulate the securities market.
Section 11(1) of the SEBI Act, 1992 gives the market regulator the right to exercise powers conferred under the section to safeguard investor interests and promote the development of the securities market.
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