The Bombay Stock Exchange (BSE) on October 14, 2026, has issued guidelines pursuant to directions received from the Securities and Exchange Board of India (SEBI) under the SEBI (Investment Advisers) Regulations, 2013, clarifying the regulatory obligations of Investment Advisers (IAs) seeking surrender of their registration.
Submission of a surrender application to BSE or the Investment Adviser Administration and Supervisory Body (IAASB) does not automatically terminate an Investment Adviser’s statutory obligations. Until SEBI formally approves and accepts the surrender application, the Investment Adviser remains registered with SEBI and must continue complying with applicable regulatory requirements, including grievance redressal, periodic reporting and other compliance obligations.
The applicable regulatory requirements and code of conduct obligations will cease to apply only from the date of formal acceptance of the surrender by SEBI, not from the date of submission of the application. Investment Advisers must maintain active compliance mechanisms and continue filing the required regulatory returns during the review process to avoid enforcement action for non-compliance.
[BSE Notice No. 20261014-12]
