Q.28: I am registered as an Individual RIA with SEBI But I operate under a Proprietorship firm name – Good Moneying Financial Solutions, with a separate Bank account.

I do my personal transactions in a personal bank account and all professional transactions (Collecting fees, Office expenses etc.) are in a Good Moneying Bank account.

Now when I try registering myself with BSE ASAL, they have both the options while asking for the status – Individual as well as Proprietor.

I called them and Ms Manjari told me that I am doing something wrong. As in I cannot work under proprietorship if registered as Individual.

But I told her that SEBI has only 2 kinds of registrations available – Individual and Non Individual. They don’t offer Sole proprietorship. But she did not agree on this and wanted me to check with SEBI

I will try contacting SEBI Local Office tomorrow, But what do you think I should do?

Shall i apply to SEBI to convert my Registration from Individual to Sole proprietorship? (If at all they allow this) ; or shall i open a new bank account and from now onwards operate under my personal name only?

If I chose the latter, then what about the old transactions that have been done till now in a Good Moneying account? How would I justify old txns?

I am confused….please guide.

Response:

In SEBI you only have Individual option – no proprietorship option. But you could have mentioned the proprietorship firm name in the “Name” itself.

So, now, BASL may not be comfortable migrating you as proprietor, but will readily register you as Individual.

Going forward, you could change the registered name as: “Manikaran Singal (Proprietor of Good Moneying Financial Solutions)” and go for ‘Change of Name’ at both SEBI & BASL.