Markets regulator Sebi on Thursday came out with a framework for administration and supervision of research analysts and investment advisers, whereby a stock exchange can be authorised to oversee and manage such entities. In a circular, Sebi said a stock exchange should be granted recognition as RAASB (Research Analyst Administration and Supervisory Body) and IAASB (Investment Adviser Administration and Supervisory Body). "To begin with, in order to ensure efficiency in the system and economies of scale, RAASB and IAASB shall be one and the same stock exchange," it added. To be recognised as a RAASB and IAASB, a stock exchange must have been operational for at least 15 years, possess a net worth of at least Rs 200 crore, need to have nationwide terminals and investor service centres in 20 cities and provide a grievance redressal mechanism, including online dispute resolution. The exchange is required to set up the necessary infrastructure and systems for administration and ...