INVESTMENT MANAGEMENT DEPARTMENT
DIVISION OF FUNDS-1
IMD/ DoF-1/ IA/DJ/OW/12817/2015
May 08, 2015
Mr. Somnath Mukherjee
Standard Chartered Bank,
3A Floor, Parinee Cresenzo, Bandra Kurla Complex, Mumbai – 400 051.
Sub: Request for informal guidance by way of interpretive letter under SEBI (Informal Guidance Scheme), 2003 in connection with SEBI (Investment Advisers) Regulations, 2013
1. This has reference to your letter dated February 16, 2015 and further communication with respect to seeking an interpretive letter/no action letter under the SEBI (Informal Guidance) Scheme, 2003.
2. In your letter under reference you have inter alia represented as follows:-
(a) Standard Chartered Bank (“SCB”) seek to provide investment advisory services on offshore investment products.
(b) SCB has requested an interpretive letter on whether it can advise on offshore investment products under their Investment Advisory License.
3. The submissions made in your letter have been considered and our view on the issues raised in your letter under reference is that SCB can advise on regulated offshore securities and investment products, which are in the nature of marketable securities issued by a “body corporate” or a “corporation”, under their Investment Advisory license under SEBI (Investment Advisers) Regulations, 2013.
4. This position is based on the representation made to the Division in your letters under reference. Different facts or conditions might require a different result. This letter does not express decision of the Board on the questions referred.
5. You may note that the above views are expressed only with respect to the clarification sought on SEBI (Investment Advisers) Regulations, 2013 and do not affect the applicability of any law and other SEBI Regulations, guidelines and circulars administered by SEBI or any other authority.