Section 25 in Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
25. Obligation of investment adviser on inspection.
(1)It shall be the duty of every investment adviser in respect of whom an inspection has been ordered under the regulation 23 and any other associate person who is in possession of relevant information pertaining to conduct and affairs of such investment adviser, including [partners, directors, principal officer and persons associated with investment advice] [Substituted 'representative of investment adviser' by Notification No. SEBI/LAD-NRO/GN/2020/22, dated 3.7.2020 (w.e.f. 21.1.2013).], if any, to produce to the inspecting authority such books, accounts and other documents in his custody or control and furnish him with such statements and information as the inspecting authority may require for the purposes of inspection.(2)It shall be the duty of every investment adviser and any other associate person who is in possession of relevant information pertaining to conduct and affairs of the investment adviser to give to the inspecting authority all such assistance and shall extend all such co-operation as may be required in connection with the inspection and shall furnish such information as sought by the inspecting authority in connection with the inspection.(3)The inspecting authority shall, for the purposes of inspection, have power to examine on oath and record the statement of any employees, directors, partners [principal officer and persons associated with investment advice] [Substituted by Notification No. SEBI/LAD-NRO/GN/2020/22, dated 3.7.2020 (w.e.f. 21.1.2013).] or person responsible for or connected with the activities of investment adviser or any other associate person having relevant information pertaining to such investment adviser.(4)The inspecting authority shall, for the purposes of inspection, have power to obtain authenticated copies of documents, books, accounts of investment adviser, from any person having control or custody of such documents, books or accounts.
