What BASL actually does
BSE Administration and Supervision Ltd BASL
Administration and supervision of investment advisers and research analysts (SEBI)
BASL (BSE Administration & Supervision Ltd), a wholly-owned BSE subsidiary, was recognised by SEBI as the Investment Adviser Administration and Supervisory Body (IAASB) for three years from 1 June 2021. Under SEBI's April 2024 framework (circular of 16 May 2024, effective 25 July 2024), BSE/BASL also administers research analysts as the RAASB. Every SEBI-registered IA is deemed a BASL member; every registered RA is deemed enlisted with the RAASB.
Mandate & machinery
- Administration: enrolment/membership of investment advisers, fee collection, record-keeping for the IA and RA pools.
- Supervision: monitoring compliance with the SEBI (Investment Advisers) Regulations 2013 and RA Regulations 2014, inspections and complaint handling.
- Half-yearly reporting to SEBI on supervision of the adviser/analyst pools.
Membership
- All SEBI-registered investment advisers are deemed BASL members (no opt-in list is published).
- Research analysts deemed enlisted with the RAASB from 25 July 2024.
Gaps & open questions
- No public member roster or complaint statistics — membership is defined by SEBI registers, not by a BASL page.
- Recognition has been extended in multi-year terms; extension decisions are not logged on the BASL site in a dated, easily auditable way.
- Supervisory output (inspections, warnings, expulsions) has no public, dated trail yet — the key watch item.