There was a news which came in Times of India that BSE has set up a supervisory body to regulate the Registered Investment Advisors in the country. Registered Investment Advisors are a breed of professionals who advises individuals on investments and manages their portfolios. They are registered and regulated by SEBI under the SEBI (Investment Advisors) Regulations, 2013. They are known as capital market intermediaries.
Apparently SEBI thought it fit to divest the supervisory role to another entity for which BSE has set up a wholly owned subsidiary BSE Administration & Supervision Ltd. (BASL) to perform that role. Now all existing investment advisors will have to register with this new entity BASL as a member.
Another level of compliances goes up for the investment advisors in the country, sigh!!
The link to the newspaper article is below: