According to media reports, SEBI, in its board meeting, approved the formation of a self-regulatory body (SRO) for registered investment advisors (RIAs). This SEBI recognized body will be responsible for administration and supervision of RIAs under IA Regulations. Currently, SEBI directly regulates RIAs. However, the capital market regulator felt the need of having an SRO for RIAs due to their growing numbers.