New BRP Country Manual Products
India
BRP has updated
its Country Manual Products
for India
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Material changes
The changes/modifications are as follows:
Finally, please note that in line with the CM PB, the active provision of investment advice without/outside the scope of an ongoing advisory agreement (spot advice) to Retail Investors via remote means of communication into India (remote) is not permitted. Accordingly, the CM PB BT provides the answer “NO” to the relevant scenario.
In alignment with the Country Manual Private Banking (CM PB), the provision of macroeconomic information/reports, investment research and financial analysis are now only permitted on a one-to-one and occasional basis onshore in India (at target) and via remote means of communication into India (remote) (please further note that only very generic information may be provided). Hence, the CM P BT provides the answer “Grey zone/YES” in the relevant scenarios.
In further alignment with the CM PB, the provision of publications and other marketing material is not permitted onshore in India (at target) and is only permitted on a one-to-one and occasional basis via remote means of communication into India (remote) provided no Indian securities and Indian financial/investment products are involved (for Retail Investors, such product-related marketing material may only be actively provided based on an ongoing advisory agreement). Accordingly, the CM P BT now provides the answers “Grey zone/YES” and “Grey zone”.
Since the provision of any investment services in India (at the target) triggers a local licensing requirement, the CM P BT now provides a “NO” answer for such scenarios.
Investment activities in Indian securities or Indian financial/investment products are subject to SEBI registration irrespective of the location of the service provider. Therefore, in accordance with the CM PB, the CM P BT provides the answer “NO” for any product-related activities in relation to local financial products.
In addition, and in alignment with the CM PB, the provision of execution only services by foreign (unlicensed) service providers via remote means of communication into India (remote) is only permitted on an occasional basis provided that the order only relates to non-Indian securities and non-Indian financial/investment products.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, January 9th, 2025