- What is FIU and is a registration there mandated by SEBI? If yes, how do we go about that?
- Currently, is BASL applicable to existing RIAs?
Response to Sub-Query-1(a)
FIU is an authority setup in India – technically referred as FIU-IND (Financial Intelligence Unit- India).
This is in accordance to the Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under.
Refer: Latest SEBI Master Circular dt. 15.10.2019 vide No. SEBI/HO/MIRSD/DOP/CIR/P/2019/113
Such registration with FIU-IND is mandated by SEBI through above-referred Circular.
Response to Sub-Query-1(b)
Kindly follow the below-mentioned simple step-by-step guidance for intimating to FIU-IND for appointment of Principal Officer and related registration formalities:
You have to follow the below-mentioned stages of registration and reporting:
Stage-1: Reporting Entity Registration
Stage-2: Principal Officer Registration
Stage-1: Reporting Entity Registration Process
- The main-page link is: https://fiuindia.gov.in/
- However, you may directly go to the ‘FINnet Portal’ link: https://finnet.gov.in/
- Click on “Register New User”
- Click on “Register new Reporting Entity”
- Enter the basic details about the entity and proceed.
- You will receive the Reporting Entity registration “Request number”
- Click on the registration request number to generate the “Application form”
- Send scan copy in email to: ctrcell@fiuindia.gov.in
- Send hard copy in post to:
The Director, Financial Intelligence Unit-India (FIU-IND)
6th Floor, Hotel Samrat, New Delhi 110021.
Envelope containing the Registration request should be superscribed as “New Registration Request”
- On approval, the FIUREID (the unique identity number of your organization registered with FIU-IND) will be communicated at the email ID provided.
Stage-2: Principal Officer Registration Process
- The main-page link is: https://fiuindia.gov.in/
- However, you may directly go to the ‘FINnet Portal’ link: https://finnet.gov.in/
- Click on “Register New User”
- Enter FIUREID and proceed.
- Enter the Principal Officer details
- After registration, a FINnet registration request with “user registration request number” is generated.
- The FINnet registration request form should be printed and signed by the principal officer and the supervisor to the principal officer along with the official stamp of the RIA.
- Send scan copy in email to: ctrcell@fiuindia.gov.in
- Send hard copy in post to:
The Director, Financial Intelligence Unit-India (FIU-IND)
6th Floor, Hotel Samrat, New Delhi 110021.
Envelope containing the Registration request should be superscribed as “PO Registration Request”
Response to Sub-Query-2
Yes, BASL is applicable to existing RIAs.
BASL = BSE Administration and Supervision Ltd. (BASL)
IAASB = Investment Adviser Administration and Supervisory Board (IAASB)
SEBI has recently granted recognition to BASL to act as IAASB for 3 years from 1-6-2021.
— under existing IA Regulations (specifically Regulation 14)
In-fact guidelines and compliances required by BASL, have to be followed.
Disclaimer:
Information contained in the responses / answers to the queries posted to ARIA, and related notes / discussion / documents / guidelines / interpretations / publication provided in connection to such responses to queries, are intended for use, primarily by the relevant queryist and generally for members of ARIA only, to the extent suitable to their situation / case. If you are not the intended audience of these query-response artefacts, an agent of the intended audience or a person responsible for delivering the information to the named entities, you are notified that any use, distribution, transmission, printing, copying or dissemination of this information in any way or in any manner is strictly prohibited.
Every effort has been made to avoid errors or omissions in these query-response artefacts. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice at membership@aria.org.in (more contact details at https://aria.org.in) which shall be taken care of in the next update and release.
Though, we may provide, to the best extent possible, a reasonably proper response to the query, there may be, alternative answers / approaches / interpretations / improvisation possible.
It is notified that neither ARIA nor the authors, including, members of Sanjay Kadel & Co. Chartered Accountants, or anyone connected herewith will be responsible for any damage or loss of action to any one, of any kind, in any manner, therefrom. It is suggested that to avoid any doubt the reader should cross-check all the facts, law and contents of the publication with original Government publication or notifications.