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SEBI introduces Framework for Stock Exchanges to supervise RAs & IAs

Published on May 06, 2024
Current Context: The Securities and Exchange Board of India (SEBI) introduced a framework on May 2, 2024, for stock exchanges to supervise Research Analysts (RAs) and Investment Advisers (IAs).
SEBI introduces Framework for Stock Exchanges to supervise RAs & IAs
  • Here's a breakdown of the key points:
    • New Roles for Stock Exchanges: The framework allows recognized stock exchanges to act as Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB) for supervising RAs and IAs respectively.
    • Enhanced Oversight: RAASBs and IAASBs will monitor the financial and regulatory compliance of RAs and IAs. This includes reviewing annual reports, customer complaints, and ensuring adherence to SEBI regulations.
    • Improved Grievance Redressal: The framework emphasizes handling customer complaints effectively. Stock exchanges will oversee grievance redressal mechanisms, including online dispute resolution (ODR).
    • Streamlined Processes: SEBI retains core functions like registration and enforcement but delegates tasks like initial application scrutiny and supervision to RAASBs/IAASBs. This is expected to improve efficiency.
    • Effective Date: The new framework comes into effect on July 25, 2024.

Question:

Q.1 What tasks are delegated to RAASBs/IAASBs under the new SEBI framework?
a. Initial application scrutiny and supervision
b. Registration and enforcement
c. Market analysis and prediction
d. Financial auditing
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