New Delhi, Jun 11 (Agency) Leading stock exchange BSE on Friday said it has set up a wholly-owned subsidiary company, BASL, for carrying out administration and supervision activities of all Sebi-registered investment advisors. The company, BSE Administration & Supervision Ltd (BASL), has received recognition from Sebi to administer and supervise investment advisors (IAs) registered with the regulator, and commenced its operation from June 1, the exchange said in a statement. All existing Sebi-registered IAs and new applicants desirous of obtaining registration as investment advisor will be required to register with BASL as a member. The administration and supervision of BASL members will be in accordance with capital markets regulator Sebi rules.
BSE Managing Director and CEO Ashishkumar Chauhan said, ‘We thank Sebi for reposing its faith in the BSE to administer and supervise investment advisors. Investment advisory has become a key segment for capital market investors.’ He added that advisory services have also evolved from personalised services to sophisticated robo advisory with the use of technology. The long experience of the BSE for over 146 years as a frontline regulator will help in ensuring that BASL will maintain highest standards of governance and practices, Chauhan said. This is an important step by Sebi to enhance the investor faith in the capital markets, he added.