All about Periodic Reporting for RIA – Updated

Finally, the details for period reporting by RIAs is published by BASL.

On May 7, 2024, SEBI issued a circular on “Period Reporting format for Investment Advisers”.

The circular talks about having a standardized periodic reporting format for submission of information by RIAs pertaining to their activities on a periodic basis. Click here to know more.

Subsequently, BASL (IAASB) issued circular dated June 21, 2024 detailing the amendments to the SEBI circular as well as the procedure for reporting.

There are a few changes introduced by BASL. Firstly, the report has to be submitted on the BASL portal and not via email to BASL. Secondly, the due dates have changed. Also, the format of the reporting has been amended to include more details.

Here is all you need to know about period reporting:

# 1 – What are the new due dates for submission of the report?

The BASL circular mentions amendments to the due dates mentioned in the SEBI circular.

The due dates are as follows:

Note that it is “15 days” and not “15 working days” as mentioned in the SEBI circular.

#2 – Where can one find the format of the report?

You need to download the format by logging in to the BASL portal. Make sure that you download the latest report format from the BASL portal every time you do the reporting.

#3 – Where does the report need to be submitted?

The report or the file needs to be submitted on the BASL portal. Sharing the file with BASL on email will not be considered.

#4 – Are there any specific instructions for filling in the details in the report?

Yes, of course. The report is a very comprehensive one with a lot of details to be filled in. Here are some important points to note –

Regarding the report :

• The version of Microsoft Excel should be MS Excel 2007 and above.

• The report can be submitted or uploaded only when all the sheets are validated. Once all the files are validated, an .xml file needs to be general. Only an .xml file can be uploaded on the BASL portal.

Regarding details in the report:

• The details of the Principal Officer and the Compliance Officers can be given for the contact person details.
• The details for “Maximum number of client agreements in force on a single day during the period” have to be given only by individual RIAs. There is no bifurcation required for the category of clients into Resident, Non-Resident and FPI. Total number of clients need to be mentioned.
• Under client details, other SEBI regulated products will include PMS and AIF.

BASL has issued FAQs related to details to be filled in the report. Click here to know more.

The important points to note is –

The data uploaded on the BASL portal will not act as an intimation for any material change. If there is a material change e.g. change in address, change in PO, etc., you need to intimate BASL separately.

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BASL has given a user manual for submission of reports. Click here to download the manual.

The half yearly reporting is mandatory for all investment advisers.

As mentioned above, the due date for submitting the report for the half year ended March 31, 2024 is August 5, 2024.