Question: SEBI informed an investment adviser that it would be conducting an inspection of the firm's records. After receiving the notice, the adviser decided to delay providing the requested documents until the inspection team arrived, believing they could be submiited later during the visit. As per SEBI (Investment Advisers) Regulations, 2013, is the adviser following the prescribed requirements?
Answer: No, the adviser is not following the prescribed requirements. When SEBI calls for books, records or other information as part of inspection, the investment adviser is required to cooperate with the inspection process and provide the inspection requested. Delaying the submission without complying with SEBI's request is not consistent with the obligations under the SEBI Regulations.

Supporting evidence:
title: sebi.gov.in/sebi-investment-advisers-regulations-2013-last-amended-on-december-08-2016-_34619.html
quote: 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 - (e) does not co-operate in any enquiry, inspection or investigation conducted by the Board;
context: nt adviser, including representative of investment adviser, 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 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.

Submission of report to the Board .

26. The inspecting authority shall, as soon as possible, on completion of the inspection submit an inspection report to the Board:
Provided that if directed to do so by the Board, the inspecting authority may submit an interim report.

Action on the inspection report.

27. The Board may after consideration of the inspection report and after giving reasonable opportunity of hearing to the investment advisers or its authorized representatives, issue such directions as it deems fit in the interest of securities market or the investors including,-
2. (a) requiring an investment adviser not to provide investment advice for a particular period;
3. (b) requiring the investment adviser to refund any money collected as fees, charges or commissions or otherwise to the concerned clients along with the requisite interest.
4. (c) prohibiting the investment adviser from operating in the capital market or accessing the capital market for a specified period.

Liability for action in case of default.

28. An investment adviser who -
- (a) contravenes any of the provisions of the Act or any regulations or circulars issued thereunder;