Membership Fee has been finalised, Amount is Rs 25,000 /-

Scope of Society


1. Name of the Society:-

The name of the society shall be "Indore Investment Advisory Association."

2. Definitions:-

I. The Association means the Indore Investment Advisory Association. M.P.

II. "The Board” means the Governing Body of the Association.

III. "Bye-laws" meanthe Bye-laws of the Association.

IV. "The Chairman" means the Chairman of the Association.

V. "The Vice-Chairman" means the Vice-Chairman of the Association.

VI. “Secretary” means the Secretary of the Association.

VII. "Financial Year" means the year commencing from the first day of April and ending with the thirty first day of March of the following year.

VIII. "Memorandum" means the Memorandum of association of the “Indore Investment Advisory Association”.

IX. "Member” means the Member of Indore Investment Advisory Association and of the Governing body.

3. Date of Formation:-

The Society is formed and is registered under M.P. Society Registrikaran Adhiniyam 1973.

4. Registrar of the District within whose jurisdiction the office of the Society issituated:-

The office of the Associationsituated within the jurisdiction office Registrar of Madhya Pradesh, Bhopal.

5. Business Hours:-

The Chairmanmay subject to the approval of the Governing Body, and by a regulation, change, if the exigencies arise, the working hours of the Association. For the present the timings of the Associationshall be from 10:00 Am to 5:00 Pm. All Government Holidays shall be holidays to the Association.

6. Objects of the Association:-

The Objects for which the Associationis formed are:-

a) Promote professionalism, integrity, public responsibility, and competence in the investment advisory profession encompassing the investment and wealth management industry through robust financial planning activities and processes.

b) Propagate global standard financial planning and investment management education and practices in our domestic industry through robust training programmes.

c) Self-regulate duly registered practitioners through structure and practice standard requirements, provide benefits, services, and products that will assist and add value to member firms in their course of doing business.

d) Create the appropriate forum for further protecting the direct interests of all investors in the market.

e) Establish the appropriate structure or platform through which professional recognition will be given to deserving members in terms of certification and other relevant endorsements.

f) Collaborate with other professional bodies and government institutions in developing the practice of all-round professional investment and wealth management in India.

g) Carry on all other relevant functions in the capital market to ensuring the adequate protection of client- investors and their hard-earned moneys.

7. Activities of the Association:-

Pursuant to the aforesaid objects, the Association can do incidental activities like.

a) Invest and deal with funds and moneys of the Association.

b) Impose and recover fees and charges for the services rendered by it.

c) Purchase, hire, take on lease, exchange or otherwise acquire a property movable or immovable which may be necessary or convenient for the purpose of the Association and construct, alter and/or maintain such buildings and works as may be necessary for carrying out objects of the Association.

d) Sell, hire, lease, exchange or otherwise transfer or dispose of all or/any property, movable or immovable of the Association.

e) Borrow and raise moneys on mortgages, promissory notes of other securities founded or based upon all or any of the properties and assets of the Association or without any securities.

f) Draw, accept, make endorse, discount and deposit of promissory notes, bills of exchange cheques or other negotiable instruments.

g) Create Reserve Fund, Sinking fund Insurance Fund, Pension Funds, or any other special Funds whether for depreciation, repairs, improvement extension or maintenance of any of the properties or right of the Association and/or for recouping assets and for any other purpose for which the Association deems it expedient or prefer to create or maintain any such fund or funds.

h) Create administrative, technical, and other posts in the Association and make appointments thereto in accordance with the Rules of regulations of the Association.

i) Do all such other acts and things either alone or in conjunction with other organizations or persons as the Association may consider necessary, incidental or conductive for the attainment of the above objectives.

8. Authorities of the Association:-

The authorize of the Association shall be:

(i) The Board of Association.

(ii) The Executive Committee, and

(iii) Such other authorities as may be constituted by the Board of Association of the Executive Committee.

9. Officers of the Association:-

The following shall be the officers of the Association, namely :-

(i) The Administrative Manager,

(ii) Such other officer as may be appointed by the Board of Association from time to time.

10. General Body and Membership:-

The member of the Board of Association shall constitute the General Body of the Association and shall consist of not less than 7(Seven) members.

11. Role of Members:-

The Association shall maintain a register of members giving their names, occupation and address and every member shall sign the register. Every change of address shall be notified to the Secretary.

12. Tenure of Nominated Members:-

(a) The tenure of the nominated members of the board shall be three years, from the date of appointment.

(b) When a person including the Chairman is a member of the Board by the virtue of his office, he shall cease to be such member when he relinquishes the said office and the vacancy so arising shall be filled in by Board of Association.

13. Cessation of Membership of Board:-

(a) Not withstanding anything contained in these rules, a member of the Board shall cease to be such member if during his tenure of office, he becomes insolvent or is otherwise, unable or incompetent to hold office, or his membership is terminated by the Board of Association.

14. Resignation:-

A member of the Board, may resign his membership by a letter addressed to the Chairman of the Board and such resignation shall take effect from the date of its acceptance by the Chairman.

15. Casual Vacancies:-

(a) Any Casual Vacancy arising on the Board by resignation, death or otherwise may be followed by appointment or nomination of a member by the Board of Association and the members, so appointed or nominated shall hold office for the remaining tenure of that Board.

(b) The Board of Association shall function, notwithstanding any vacancy on the Board, and any defect in the appointment or nomination of any of its member, and no act or proceedings of the Board shall be invalidated, nullified or called in question merely by reason of the existence of any vacancy on the Board or by reason of any defect in the appointment or nomination of any of its member.

16. Meeting of the Board:-

Subject to the provision of the Act, the Board of Association shall meet at least twice a year, with not more than 6 months elapsed between two meetings.

17. Annual General Meeting:-

The chairman of the Board of Association shall, convene the Annual General Meeting within four months to the close of the financial year at Indore or anywhere else in Madhya Pradesh. The purpose of A.G.M. shall, interalia, be :

(i) To receive and consider the annual report and audited accounts of the Association for the preceding financial year.

(ii) To appoint auditors and fix their remuneration.

(iii) To review progress of work during the year ended and consider and approve generally the budget demands and programmes for the ensuing year.

(iv) To discuss and other business as may be necessary.

18. Special Meeting:-

The Chairman of the Board may convene special meeting of the Board to consider any matter of special importance or urgency or on the written requisition of not less than 4 members of the Board, specifying the purpose for which the meeting is propose to be called.

19. Venue of the Meeting:-

Meeting of the Board shall ordinarily be held at Indore. However, the meeting may be held at any other place as may be expedient or necessary with in the State of Madhya Pradesh, as may be decided by the Chairman of the Board.

20. Notice of the Meeting:-

(a) Every meeting of the Board shall be convened by notice issued under the hand of the Secretary or any other officer of the Association, so authorized by the Board in his behalf.

(b) Every notice calling for a meeting of the Board shall be issued to every member not less than fifteen days before the scheduled date for the meeting, except in the case of special meeting, when the notice shall be issued atleast five days before the day fixed for the meeting. A summary of the business to be transacted at the annual and other meeting shall be communicated to the members atleast seven days before the day of the meeting. Except that in the case of special meeting it should be circulated atleast three days before the date of the meeting.

(c) The accidental omission to give notice to or the non-receipt of notice of any meeting by any member shall not invalidate the proceedings of the meeting.

21. Quorum:-

1/3 Member present in person shall constitute the quorum for the annual general meeting provided that, if a meeting is once adjourned for want of quorum a subsequent meeting called on the basis of the same agenda shall not be required to fulfill the requirement of a quorum.

22. Presiding Officer:-

The Chairman shall ordinarily preside over all the meetings of the Board. In the absence of the chairman the Vice-Chairman shall preside over the meeting. In the absence from amongst themselves to preside over the meeting.

23. Invitation to attend a Meeting:-

The Chairman may invite any person other than a member of the Board to attend a meeting of the Board, but such person shall not be entitled to vote at the meeting.

24. Voting:-

In case of difference of opinion amongst the members of any matter under discussion in a meeting, the opinion of the majority of members present and voting shall prevail. Every member present at the meeting including the Chairman shall have one vote and if there be an equality of votes, the Chairman of the meeting shall have a Casting Vote.

25. Voting by Circulation:-

Any business which is of an urgent nature and which cannot be held over till the next meeting of the Board may be transacted by circulation among all the members of the Board and any resolution so circulated and approved by a majority of the members of the Board shall be as effective and binding as if such resolution had been passed at a meeting of the Board; provided that any business so transacted shall be reported at the next meeting.

26. Where the matter is of such urgency that a decision thereon cannot await the convening of a special meeting or voting by circulation, the Chairman may, for reasons to be recorded in writing take a decision there on. Such a decision shall be placed before the next meeting of the Board for ratification.

27. A notice may be served upon any member of the Board in person or by post addressed to such member at the address mentioned in the roll of members. Any notice so derived by post shall be deemed to have been served two days after it was posted.

28. Powers and Functions of the Board of Association:-

(i) To approve the budget proposals of the Association.

(ii) To create new posts for the Association within the sanctioned budget, as approved by Board of Association.

(iii) All financial powers of the Association within the sanctioned budget, as approved by Board of Association.

(iv) To receive and to approve the audited accounts of the Association.

(v) To receive and approve the annual report of the Association.

(vi) To approve policy guidelines regarding nature of training and research programme.

(vii) To approve the research programme of the Association.

(viii) To approve the receipt of donations.

29. Powers of the Chairman, Vice-Chairman & Member Secretary:-


(i) Shall preside over all the meetings.

(ii) Shall give directions in regard to the business of the Association.


Shall preside over all the meetings during the absence of the chairman and exercise such powers as may be specifically, delegated to him by the Chairman.

Member Secretary:-

He will convene all the meeting. The staff of the Association shall be appointed under the signature of the Secretary. He shall prepare the minutes for all the meetings and the reports.

(a) ll be reported to the Committee at its next meeting.

30. The Funds of the Association shall consist of:-

(a) Grant-in-aid received from the Member. Donations and contribution from the other sources. Other incomes and receipts.

31. The Association shall maintain books, accounts and other related records in such form and in such manner as may be necessary and prescribed in consultation with the auditors of the Association and in accordance with the By-laws and financial rules framed in this behalf. The accounts of the Association shall be audited annually by the Auditors appointed and the audit report alongwith the annual report shall be placed at the annual general meeting for the consideration and approval, of the Board.

32. Change of address of members:-

If a member of the Association changes his address, he shall notify to the Secretary his new address; but if he fails to notify such address, address for further communication shall be as recorded on the rolls of the members.

33. (A)Qualification:-

By virtue of holding the posts mentioned in Rule 13 all those persons holding the respective posts shall become members and shall hold office.

33. (B) Disqualification of members of the Association:-

A member of the Association shall cease to be such a member if he (a) dies or (b) resign his membership or (c) becomes of unsound mind or (d) becomes insolvent or (e) is convicted of a criminal offence involving moral turpitude.

34. Rights, Obligation and Privileges of members:-

The Rights, obligations and privileges of members shall be as prescribed in these Byelaws.

35. Suits By and Against the Association:-

Subject to the provisions of the act the person in whose name the Association may sue be used shall be the Secretary of the Association.

36. Remuneration:-

The member of the Board of Association, or any Committee of the board shall not be entitled to any remuneration from the Association for their services rendered as members.

Preparation and Filing of Records etc. :-

The Secretary shall cause the preparation and filling on the due dates with the Registrar of such records, annual or other statements which are specified in the M.P. Societies Registration Act, 1973 and the Rules framed thereunder.

37. Supply of copies of Bye-Laws:-

Copies of ByeLaws, Receipt and Expenditure Accounts and the Balance Sheet shall be supplied to the member on application and on payment of Rupee one only.

38. Custody, application and Investment of funds:-

The Funds of the Association not immediately required shall be invested by the Secretary in one or more banks or institutions or in Government securities as contemplated in section 24 of the M.P.Societies Registration Act 1973 the Rules framed thereunder.

39. Mode of bank operation:-

The funds of the Association for the normal functions shall be maintained in any Bank and the Treasurer shall draw cheque upto Rs. 25,000/- and anything exceeding Rs. 25,000/- shall be signed by the Treasurer and the Secretary.

40. Transaction of day-to-day Business and Financial Powers:-

Subject to the Regulations to be approved by the Governing Body, the Administrative Manager shall have financial and administrative powers as prescribed in ByeLaws and as may be delegated to him under the ByeLaws.

41. Special Resolution for amending the Memorandum and Bye-Laws:-

(a) Without prejudice to the general powers of the Governing Body and the whenever it shall appear to the Governing Body that it is advisable to alter, extend or abridge the memorandum or the Bye-laws Framed thereunder, the Governing Body may submit the proposition to the members of the Association at the General Meeting or by convening a Special meeting for consideration thereof.

(b) No such proposition or resolution shall be deemed to have been approved unless such resolution has been delivered or sent by registered post by the secretary to every member of the Association, 21 days previous to the date of the meeting convened by the Committee for the consideration thereof and unless such resolution has been passed by three fourth majority of the members present and voting at the meeting of the General Body convened for the purpose.

(c) Any special resolution may be adopted by circulation amount the members of the Association and the resolution so circulated and approved by 3/4th of the strength of the members of which both the Chairman and Vice-Chairman are included, shall be effective and binding as if the special resolution had been passed at a meeting of the General Body of the Association.

The Special resolution so circulated and passed shall be filled with the registrar of Firms and Societies within 15 days as required by M.P. Society Registrikaran Adhiniyam 1973 and they shall become effective from the date of such filling.

42. Exhibition of Registers to Members etc.:-

The register of members, the books containing minutes and the books of accounts shall be open for perusal by member (free of charge) at the registered office during the usual business hours.

43. Delegation of Powers:-

The Governing Body may, be resolution delegate to the Chairman, ViceChairman, or other officer and staff the Governing Body such of its powers for the conduct of the affairs of the Governing body, as it may consider necessary.

44. Dissolution:-

If, on winding up or dissolution of the Association, there shall remain, after satisfaction of all its debts and liabilities, any asset whatsoever the same shall revert to the Members of Association.

45. Financial Year:-

For all-purpose the Financial Year shall be from the 1st April of the current year to 31st March of the succeeding year.

46. Change in name or objects:-

If a change is desired in the name or the objects of the Association or if two or more Association are to be amalgamated, the procedure laid down in the M.P. Society Registrikaran Adhiniyam, 1973 will be followed.

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