Harsh Roongta On What It Takes To Become A Registered Investment Advisor | New SEBI Rules Explained
Summary
TLDRThe video discusses the recent consultation paper by SEBI on Registered Investment Advisers (RIAs) in India, aiming to ease the process of becoming an RA and increase their numbers. Harsh Jain, an RA, explains the benefits of becoming an RA, including the fee model and client satisfaction. He outlines the current regulations and proposed changes, such as the removal of net worth requirements and experience, making it easier to become an RA. Harsh also discusses the life of an RA, including regulatory compliances, fee structures, and the importance of cybersecurity and PMLA compliance. He addresses gaps in the consultation paper and encourages those interested in the profession to engage with ARYA, emphasizing it as a satisfying career.
Takeaways
- 📈 The Securities and Exchange Board of India (SEBI) has issued a consultation paper to ease the process of becoming a Registered Investment Adviser (RIA) and increase their numbers in India.
- 💼 Currently, there are approximately 995 RIAs serving a population of 1.4 billion, indicating a low number of RIAs relative to the population size.
- 🏫 To become an RIA, one must have a postgraduate degree in specific subjects like finance, accountancy, or economics, and pass certain NISM exams.
- 💼 The consultation paper proposes to remove the postgraduate requirement and reduce the net worth requirement, making it easier for individuals and corporates to become RIAs.
- 💼 The RIA profession is seen as more transparent and client-focused compared to traditional mutual fund distribution, where commissions can create conflicts of interest.
- 🔑 The consultation paper suggests that RIAs will be allowed to offer both advisory and distribution services, provided they are not offered to the same client.
- 📝 RIAs are subject to stringent compliance standards, including maintaining a client register, conducting risk assessments, and signing engagement letters outlining terms and conditions.
- 💻 The process of becoming an RIA has become more streamlined, with SEBI's application processing times typically around 30 days.
- 💼 The Association of Registered Investment Advisors (ARIA) provides support and guidance to budding RIAs, including clinics to answer questions about the application process.
- 💼 The fee structure for RIAs is regulated, with options for fixed fees or asset-based fees, and the consultation paper proposes more flexibility in fee structures.
- 🔒 RIAs must also comply with cybersecurity regulations and maintain records as per the Prevention of Money Laundering Act (PMLA).
Q & A
What is the current number of registered investment advisers (RIAs) in India?
-As of the discussion, there are approximately 995 registered RIAs in India.
What is the purpose of SEBI's consultation paper on RIAs?
-The consultation paper aims to ease the process of becoming an RA and increase the number of RIAs in India.
Why did the guest speaker choose to become a Registered Investment Adviser (RIA)?
-The speaker became an RIA to provide transparent services to clients, charging fees directly from them and avoiding conflicts of interest that arise from earning commissions.
What are the current educational requirements to become an RA in India?
-Currently, one must have a postgraduate degree in specific subjects like Finance, Accountancy, Economics, etc., to become an RA.
What changes are proposed in the consultation paper regarding the net worth requirements for individuals and corporates?
-The consultation paper proposes to remove the net worth requirements, which are currently 1 lakh for individuals and 5 lakhs for corporates.
What is the significance of the removal of the net worth requirement for corporates?
-The removal of the net worth requirement for corporates allows easier corporatization and reduces the barrier to entry for those wanting to offer investment advisory services.
How long does it typically take for SEBI to process an RA registration application?
-Under the current regulations, it typically takes about 30 days for SEBI to process an RA registration application.
What is the role of the Association of Registered Investment Advisers (ARIA)?
-ARIA is a Section 8 not-for-profit company formed to promote investor interests by elevating the standards of the investment advisory profession. It provides support and guidance to budding RAs.
What are the regulatory compliances that an RA has to adhere to in a typical year?
-An RA must maintain a client register, provide suitable advice based on the client's risk profile and goals, and undergo a compliance audit at the end of the year.
How are fees typically charged by RAs and what are the regulatory limits?
-Fees can be charged either as a fixed fee capped at 1 lakh 125,000 or as a percentage of assets under advice, capped at 2.5%. Switching between fee structures requires a minimum of 12 months between changes.
What are the implications of the consultation paper's proposals on the scope of services an RA can provide?
-The consultation paper proposes restrictions on the scope of services, particularly concerning products not regulated by SEBI or other Indian regulators, which could limit the comprehensive financial planning RAs can offer.
Outlines
📈 Introduction to Registered Investment Advisers (RIAs) in India
The script begins with a discussion on the recent consultation paper released by SEBI (Securities and Exchange Board of India) concerning Registered Investment Advisers (RIAs) or RAAs. The paper aims to simplify the process of becoming an RA and increase their numbers in India, which currently stands at 995 for a population of 1.4 billion. The guest, Har Runa, an RA himself, explains his transition from a mutual fund distributor to an RA, emphasizing the importance of fee-only models for transparency and the professional satisfaction it brings. He also touches on the benefits of the RA model from a client's perspective, including the growing demand for direct plans and the potential for corporatization and offering a range of services if the consultation paper is accepted.
🏫 Becoming a Registered Investment Adviser (RIA)
The second paragraph delves into the current regulations for becoming an RA in India, which include having a postgraduate degree in finance or related fields, passing specific NISM exams, and meeting a net worth requirement. The consultation paper proposes to eliminate the postgraduate requirement and the net worth criterion, which would significantly lower the barriers to entry. Har Runa also mentions the need for experience in finance, which the paper suggests removing. Additionally, he discusses the process of applying for registration with SEBI and the time it typically takes, as well as the support provided by the Association of Registered Investment Advisers (ARIA) for budding RAs.
📚 Life of an RA: Regulatory Compliances
This section outlines the regulatory compliances that RAs must adhere to in a typical year. These include maintaining a client register with detailed information and investment advice, undergoing a compliance audit, and having a grievance procedure in place. The RA must also ensure that any advice given is suitable for the client's risk profile, resources, and goals. The script also mentions the need for RAs to have a Letter of Engagement that outlines the terms and conditions of the service, including the fee structure, which must be clearly stated and cannot be changed within the same year under current regulations.
💼 Practical Aspects and Fee Structures for RAs
The fourth paragraph discusses the practical aspects of being an RA, such as assisting clients with execution without charging for it, and the fee structures that RAs can adopt. RAs can charge a fixed fee or a fee based on assets under advice, with specific caps in place. The consultation paper proposes more flexibility in switching between fee structures. Har Runa also mentions the need for RAs to conduct a compliance audit at the end of the year, file compliance reports, and maintain transparency on their websites regarding grievance procedures and complaint statuses.
🔒 Cyber Security and PMLA Compliance for RAs
This section highlights the additional compliances RAs must adhere to, such as cyber security awareness programs and maintaining records as per the Prevention of Money-Laundering Act (PMLA). RAs are required to report suspicious transactions to the Financial Intelligence Unit and ensure data storage complies with regulations. The script also addresses the ambiguity in the consultation paper regarding advice on products not regulated by SEBI or other Indian regulators and the challenges this poses for RAs in providing comprehensive financial planning.
📖 Addressing Gaps and Positive Aspects of the Consultation Paper
The final paragraph addresses gaps in the consultation paper, such as the restriction on the scope of advice RAs can provide and the treatment of trading call providers. Har Runa emphasizes the positive aspects of the paper, including relaxations on qualifications, experience, and net worth requirements, and the simplification of corporatization. He also discusses the need for clarifications on various points and the hope that SEBI will address these issues. The script concludes with a call to action for those interested in becoming RAs and a reminder that the profession can be satisfying and is not as difficult as it may seem.
Mindmap
Keywords
💡Sebi
💡Registered Investment Advisers (RIAs)
💡Consultation Paper
💡Mutual Fund Distributors
💡Fee Model
💡Net Worth Requirement
💡NISM Exams
💡Compliance
💡Corporatization
💡Assets Under Advice (AUA)
💡Cyber Security Compliance
Highlights
Sebi's consultation paper aims to ease the process of becoming a Registered Investment Adviser (RIA) and increase their numbers in India.
Currently, there are only 995 registered RIAs for a population of 1.4 billion in India.
The speaker, an RA himself, discusses the reasons for becoming an RA, including the shift from commission-based to fee-based models.
Mutual fund Distributors take commissions on funds recommended, whereas RIAs recommend direct plans without commissions.
The professional satisfaction of being transparent about fees and earnings is a key motivator for becoming an RA.
Clients are increasingly seeking direct plans due to social media and media influence, making it essential for professionals to offer this option.
To become an RA, one must have a postgraduate degree in specific subjects, pass certain exams, and meet net worth requirements.
The consultation paper proposes removing the postgraduate requirement and net worth for corporates, making it easier to become an RA.
The application process for RA registration with Sebi has become more streamlined, taking about 30 days.
The Association of Registered Investment Advisors (ARIA) supports new RAs with clinics and guidance on the application process.
RIAs must maintain a client register, conduct KYC, risk profiling, and sign a letter of engagement outlining terms and conditions.
RIAs cannot charge for execution and must provide suitable advice based on the client's risk profile and goals.
RIAs are subject to compliance audits and must report any shortcomings and take necessary actions.
RIAs must display compliance reports and grievance procedures on their websites or communicate them to clients.
Fees for RIAs are regulated, with options for fixed fees or asset-based fees, and new regulations allow more flexibility.
RIAs must comply with cybersecurity regulations and report suspicious transactions under the PMLA.
The consultation paper has addressed several issues, including qualifications, experience, and net worth requirements, but some gaps remain.
The paper proposes that trading call providers who give advice on a one-to-one basis can be RIAs, but this may need further clarification.
ARIA and the speaker advocate for a more flexible approach to RIA regulations to better serve clients and clarify the scope of services.
The speaker reassures potential RAs that the profession is satisfying and not as difficult as it may seem, encouraging those interested to pursue it.
Transcripts
[Music]
as many of you would have noticed sebi
has come out with a big consultation
paper on registered investment advisers
or
raas uh the idea is to ease the process
of becoming an RA and to increase the
number of raas in India which currently
is wul low um there are about 900 or so
registered r 995 995 to be precise in a
population of 140 crores so to decode
what's happening with uh the whole R uh
regulation scenario we have U har Runa
who is himself an RA and he will take us
through the wise the house and the what
might bees of of the profession so har
thank you so much for joining us thank
you n for having me here shall we start
with the why why should anyone become an
R
so why should you become an raia let me
answer that from two sides one I will
answer why did I become an raia I think
like most people when I got into this
side of the profession I I had this nice
little cozy
Ria I would charge for advice and then I
would get Commission on the mutual funds
much before it became compulsory I had
switched to the fee completely the fee
model and among other things one thing
that helped me do so was sorry hush just
to break this down for our viewers so
there are mutual fund Distributors who
take a commission on whatever funds that
they recommending and there are Ras who
only recommend direct plans so they
can't take any commissions so typically
they either charge a fixed flat fee or
they might take a percentage which is
upfront disclos to you go it has to be
disclosed because the client will be
paying it so I was talking about why I
became an
from being an RA plus a distributor uh
and that was because of many things but
basically I I had this very close friend
of mine who was also a client uh and I
waved the fees for him because he was a
friend uh and I just made the commission
which
wasn't much very high and you know uh I
realized over time as I the relationship
of the professional relationship
progressed that he thought he was doing
me a favor okay because he was giving me
business and on which I was earning
commission and I thought I was doing him
a favor because I was not charging him a
fees uh and you know I said no this is
not right my service is to the client
okay and therefore I must take the money
from the client he must know what he is
paying what am I earning from him I
myself done the distribution there's
absolutely no uh nothing wrong with
distribution it just gave me more
satisfaction to be an
raia let me now answer from the client's
perspective I think each of the mutual
fund Distributors today knows that as
their clients go up the curve given the
social media noise given all the media
noise that is there clients are going to
ask for direct plans clients are going
to ask for these services having that
option even if you don't believe in it
having that option I think is a must for
any serious professional who's not doing
this part time and today assuming the
consultation paper goes through and we
will talk about that a little later
corporatization will become very easy
the the net worth requirements are being
removed and that means your ability to
do both not with the same client but
being able to offer both
Services is going to be there for the
asking and I would say that every
serious
distributor professional should look at
this option very very seriously yeah
yeah so next uh let's talk about how to
become an raia um so first of all I'm
going to go through the list and if I
miss something harsh correct me so you
need to have a uh so first we'll discuss
the current regulation and then what has
been proposed So currently you need to
have a postgraduate degree in specific
subjects like Finance accountancy
economics Etc uh you need to pass the
10A and 10B nism
exams and uh you need to have for
individuals a net worth of uh 1 lakh
it's very little whatever it is some
small net worth and for corporates 50
lakhs 5 lakhs which was a big
deterent um and if the consultation
paper is accepted then the
postgraduation requirement goes away you
can be uh a graduate but in specific
areas like finance accountancy and so on
um you uh also need to still pass the NM
108 10B
exam um and the net worth also goes away
so especially for corporates that's a
big big deal because you suddenly go
from needing to have 50 lakhs of of net
worth all the way down to uh I mean it
whatever it takes to float a corporate
because net worth requirement will be
done away I think the one thing you
missed nil was experience oh yes sorry
sorry currently yes you need to have 5
years of experience in finance which
will go away with the consultation paper
um in terms of net worth although that
will not be required you still have to
deposit a sum of money with the stock
exchange so I think up to 1,000 clients
it's 5 lakhs and more than 1,000 is 10
lakhs so it's still much much lower than
the current 50 lakh figure and that's
for your raia clients yeah so I mean if
as a corporate if you're doing both this
deposit amount is required for raia
clients if you have less than 150 raia
clients then the figure is 1 lakh yeah
yeah um once you have all of these
things in place you have to apply to
sebi for registration typically how long
does it take for sebi to process and
application so I think things used to be
a little different I think now things
are pretty much uh more streamlined uh
of course once the new consultancy a new
consultant paper becomes effective it
might take a little time to settle down
but already when people are applying
under the existing regulations things
have become much faster typically it
would take about 30 days I would advise
people who are listening to this that we
do what we are what we when I say we I'm
talking of the association of registered
investment advisors which is a Section 8
not for profit company uh which uh you
know we have uh formed to promote
investor interests by elevating the
standards of the investment advisory
profession if you are an raia you can
become a member ra Arya holds what we
call Ara CL raia clinics uh where buding
Ras we sort of take them through the
process among them is a process to
answer questions on about applications
and how often are these clinics held so
right now they are held on demand okay
we're very very happy to if if you have
sufficient demand from your readers we
very happy to Fantastic so viewers if
you're interested in knowing more and
engaging directly with the association
uh you can reach out to Arya on ar.org
which is
ar.org doin sorry which is the website
or to harsh on his personal handles or
to me and I'll forward any requests to
ARA absolutely um so harsh now let's
talk about the life of an raia uh in a
typical year what are the regulatory
compliances that you have to
do so I think again uh people will think
and probably rightly so that the
compliance standards on RIS are far more
stringent than say they are on uh other
professions or Distributors definitely
it is much more stringent uh but if I
break it that down for you uh one
Whatever advice you give whatever
clients you have you need to maintain a
client register it can be the good old
register where each client their details
uh uh their kyc details every investment
advice that you gave them needs to be
there in a register okay it can be
electronic as well I I frankly don't
know a single raia who maintains it in
the register so everybody is electronic
there are softwares out there the most
common software is the Microsoft Office
uh product uh in fact H if he could take
a step back and you know I come to you
as a client what do you have to do as an
ra to onboard me like what what steps
does that
involve so before we can take on a
client we have to do a
kyc uh we have to do a you
know a a risk profile we have to sign a
letter of
Engagement okay uh which outlines all
the terms and conditions and there are
certain responsibilities that an
has towards the client and certain
rights of the client that have to be
compulsorily mentioned yeah uh that have
to be there in the letter of Engagement
some of them like the fee structure Etc
have to be in the first page so I mean
it's a very laid down
regulated uh service and I think that is
good both for the ra and for the client
as well uh so that has to to be done uh
once that is done uh then there are
practical things these are regulatory
things then there are practical things
that each client each raia will do
depending on what they will do for the
client if I'm going to do mutual funds
maybe I will open an account with a
platform sure if there are Ras who do
Equity advice they may you know open a
dmat account open ask the client to open
or they may use the client's existing
dmat account Etc so there could be
non-regulatory things and the regulatory
things is what I told you about so just
to clarify on the non regulatory things
the execution as it is called RIS are
not allowed to charge on that right
absolutely we we we can assist clients
with the execution we cannot make money
from the execution right right okay so
we discussed uh the register and the at
the time of onboarding the fact that
there has to your risk assessment and uh
the agreement has to be signed um what
else needs to be done in a year from
from an raia's point of view so
obviously any advice needs to be
suitable based on the risk profile of
the clients based on the resources based
on his goals you need whatever advice
you are giving needs to be suitable and
that suitability needs to be captured it
is uh I mean whatever it needs to be
documented and be aail ailable for a
compliance audit uh so that is ongoing
right uh at the end of the year there is
a compliance audit that needs to be done
this is done by a CA or by so if if you
are a non- individual and subject to
statutory audit uh it had to be done by
your auditor earlier uh now I think they
are under the Consulting consultation
paper I think it can be done by any
chartered accountant right
uh it it has to be done if it if it
requires if it points out certain
shortcomings then an uh action taken
report also needs to be adopted by the
uh Board of the company Etc and that
needs to be filed with BC ASL earlier
now with Bombay Stock Exchange which is
the first line regulator for Ras uh also
Al uh you need to file the compliance
report status on your website you also
on your website need to show what is the
grievance procedure there are certain
things that uh you need to show on your
website what is the complaint status how
many complaints have come on scores so
there is again a set of things and if
you don't have a website how do you show
this then you have to send it to the
client okay youve send an email to the
client okay okay uh um but in today's
day and world I think almost everybody
has a a website
yeah okay um in terms of fees typically
how are fees charged how often are fees
charged so the uh the fee structure is
regulated uh you could charge fee under
two kinds of mechanism uh either you
charge a fixed fee that is maximum
capped at 1 lakh
125,000 or you could charge a fee based
on the assets under advice that is
maximum 2 and a
half% you cannot switch from one to the
other under existing regulations if you
have charged a fixed fee then before you
switch see uh uh you know uh investment
advisory relationship is a long-term
relationship typically so you cannot
switch from a fixed fee to variable or
variable to fixed within a year minimum
12 months have to go by that is the
existing
regulations the under the proposed
regulations it's far more flexible exact
shape I think we will know
as but you can switch for sure under the
new regulations yes and you can only
charge up to two quarters of Advance
what you could charge in advance is uh
two quarters yes
right um so there are many technical
points with this nail which I think are
a little bit too much for a okay I'll
just I'll just go into two more the idea
is to give people the reality and the
checklist that it involves uh without
scaring anyone so uh just two more
things one is that the cyber security uh
compliance has to be done could you
elaborate on that so there is a I mean
you have to do an awareness this is not
a sebbi regulation as such it's a
certain it's a regulation from May the
ministry of electronics electronics and
you know goes through all the Regulators
all regulated entities have to go
through that cyber awareness programs
Etc uh again uh this may sound very you
also have to give a software as a
service if you're using any software as
a service then every 6 months there is a
certain certificate uh that you have to
uh provide again that's a and and who
provides the certificate I mean how do
you get it you provide it's
self-certification it's self-
certification I you have to take it from
your service provider and provide to se
to se so that the data is being stored
in not to SEI to BC right uh to that the
data is being stored
in right right and the other thing is uh
you also have to maintain records as per
the pmla like how how does that
compliance come in
so I mean uh obviously like any other
regulated entity you are required to
report any suspicious
transactions uh to the
FIU uh anything and and that's a there's
a definition given there I don't claim
to be an expert on pmla
uh pmla I mean you have to do the those
things but I think typically the way we
would do things is that there is a list
that you have against which whenever a
new client comes or even all your
existing client you scrub them
periodically against that list to see
that none of the prescribed individuals
or entities are in your Client List
right right that is one thing and now
these are available as software okay uh
that is one thing uh that you do
suspicious transactions uh you have to
report to the financial intellig unit
okay any big one we have missed apart
from the list that we just went through
uh not really and what I really want to
add Neil is that people should not get
scared no no I that's not my intention
at all and you know Arya is there we are
a very close-knit
Community uh we have a compliance
calendar the community is very active
and we learn from each other and we
support uh each other and finally in
terms of gaps in the current
consultation papers so one big gap that
mint has also written about is this
ambiguity around um products which are
not regulated by sebi or any other
Indian regulator so sebi has created
essentially three categories of products
one which are under sebi like mutual
funds and stocks R can advise on that no
problem charge fees and so on then there
are products which are under other
Indian Regulators like irda or pfrda
where the ra can provide advice uh but
they have to give clients a disclaimer
that they cannot approach sebi for any
grievance
redressal um and then there is the third
category products which is quite
important to financial planning things
like Wills tax overseas Securities where
sebi has in the consultation paper said
that that advice can only be delivered
by a separate entity why is this a
problem hsh why not have a separate
entity um
and you know how does this affect the
work of an
RA so I can give you plenty of examples
I mean comprehensive Financial see from
a client's perspective a client does not
respect regulatory boundaries client
cannot be expected to know this is se's
remit this is ird's remit this is pfrda
remit this is nobody's remit okay or
this is the Indian laws remit and this
is the intern interational laws remit uh
so when a client comes to you and I can
give you many examples okay uh for
example you've saved up for mutual funds
for your daughter's
education you now want to know that is
it okay to take an education loan rather
than liquidate right corre and if it is
okay give me the working okay so that's
tax planning yeah if that working shows
that it is okay to take an educ loan
then help me get the education loan now
that's that's not regulated helping
people to get a loan and getting paid
for it is not regulated it's not
regulated by RBI then you know I mean so
you know for a client for me to tell a
client that sorry I can't advise you
this is tax planning I'm not allowed to
do tax planning or sorry I can't help
you get the loan because this is not
allowed or you go to a separate entity
or it is under even different brand I
think that does not work that confusing
it's very very confusing I'm so very
clearly the regulator has shown great
willingness it has been in a very
consultative uh status and position I
mean we have had good dialogues with
them I'm very comfortable and confident
that they will agree to sort of look at
and find a solution they also have a
issue right they have an issue that if
people complained about these Services
they won't be able to help because they
don't know about those services and I
think that's a very genuine concern for
that our position from uh you know as as
an as an raia is that just like what
they have proposed for a part-time ra
where who would be an educationist of
influencer whose core activity is
unregulated okay they have been asked in
the consultation paper to give a
disclaimer saying that if there is a
complaint regarding that you cannot come
to sebi he saying let's have a SE
different dis same
dispensation for the full-time r as well
okay okay any other issues with the the
consultation
paper so before we come to the issues I
want to point to the great things that
the consultation paper has said because
otherwise it looks like we're just
cribbing cribbing cripping okay I mean
look at the relaxations that they have
done uh whether it is uh qualifications
whether it is uh experience they have
done away with uh the net worth
compulsory corporatization has just
become it's been relaxed also and
corporatization itself has been made so
easy because of removal of uh net worth
requirements okay uh so I mean there are
plenty of good things that are there in
the paper among the misses one was this
scope being restricted a second big Miss
uh is uh this uh you know uh type of uh
uh people who provide trading calls or
trading call providers as we call them
now trading call providers somebody who
gives a call saying Buy sell Futures
options things like that now those are
typically very very security
oriented providing in the consultation
paper that if they are doing it one to
one they can be an raia and if they are
doing it one to many there will be an RA
I think anything that is based on
security an RA is a research analyst
which is a separate license from ra ra
correct so anything if the advice is
based on security how can it be one to
one it will have to be one to it will be
the same whether it comes to this person
so they should be in the ra regulations
they should not be in the IIA
regulations let me put it this way and
anything else I would say those are so
on the Fe there are lots of
clarifications required on a lot of
other things I would not call them a
Miss I reasonably sure they will agree
to those clarifications I think there's
one thing that I would bring up uh
especially relevant for a lot of mfds
disputer who want to become Ras that um
or or Ras who most clients already have
regular plans with mfds or banks that if
an R is telling you that get out of this
scheme put money in that scheme then
they should be allowed to charge a fee
on the distributed AUM as well right
which they are not getting the
distribution commission for somebody
else is getting the commission for
that's definitely on your list right so
this is a clarification I think and this
is something we have sought and I'm I
mean we hope that we will get that
clarification yeah all right uh har
thank you so much hopefully people
watching this uh will some of them
approach you approach Arya and we'll
have an uptick in the numbers I just
want to end this with saying the great
support that you know you personally and
you know live Min has provided to the
profession and to those who are watching
I can say this is a very satisfying
profession do do not go by what you have
heard okay it is never as difficult as
it is said it is never as easy as you
think fair enough thank you har thank
you
[Applause]
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