The Securities and Exchange Board of India (SEBI) on June 15, 2023, issued the Master Circular for Investment Advisers
This Circular aims to protect the interests of investors in securities and to promote the development and regulate the securities market.
The following has been stated namely: -
• It states that This Master Circular is a compilation of all the existing/ applicable circulars issued by SEBI pertaining to IAs
• The list of SEBI circulars compiled in this Master Circular is given in Appendix at the end of this Master Circular.
• It further states that from the date of issuance of this Master Circular, the circulars mentioned in Appendix shall stand rescinded to the extent applicable to IAs.
• It states that Notwithstanding such rescission,
a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular
c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation, or liability acquired, accrued, or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded
• This circular is available on the SEBI website at www.sebi.gov.in.
[Circular No. SEBI/HO/MIRSD-PoD-2/P/CIR/2023/89]
