SEBI IA Registration

SEBI IA Registration is the regulatory registration required for eligible persons or entities intending to operate as Investment Advisers (IAs) in India. Investment advisers provide investment-related advice to clients and are required to comply with the applicable provisions of the SEBI (Investment Advisers) Regulations, 2013, along with relevant circulars and regulatory requirements.

The registration process involves more than simply submitting an application. Applicants need to meet applicable eligibility, qualification, certification, financial, infrastructure, documentation, and compliance requirements.

SEBI's current regulatory framework for Investment Advisers is supported by the Investment Advisers Regulations and subsequent circulars and master circulars. The regulations were last amended on November 25, 2025, while SEBI issued a Master Circular for Investment Advisers on February 6, 2026.

Who Needs SEBI IA Registration?

Individuals and organisations intending to provide regulated investment advisory services may need to obtain registration as an Investment Adviser, subject to the applicable regulatory requirements.

SEBI IA Registration may be relevant for:

• Individual Investment Advisers
• Partnership firms, where applicable
• Limited Liability Partnerships (LLPs)
• Companies and other eligible non-individual entities
• Professionals planning to establish an investment advisory business
• Existing businesses planning to undertake investment advisory activities

The exact eligibility and compliance requirements depend on the applicant's constitution, proposed activities, personnel and other applicable conditions.

Why Is SEBI IA Registration Important?

Investment advice is a regulated activity in India. Registration helps establish that an applicant has gone through the regulatory process applicable to Investment Advisers. A registered Investment Adviser must follow applicable requirements relating to conduct, disclosures, client dealings, records, fees, advertisements, compliance and other regulatory obligations. Therefore, applicants should understand the requirements before starting the registration process rather than treating SEBI IA Registration as a routine business registration.

Eligibility and Key Requirements

The eligibility requirements depend on whether the applicant is an individual or a non-individual entity.

Qualification and Certification

An individual IA, the principal officer of a non-individual IA and persons associated with investment advice are required to satisfy the applicable qualification and certification requirements. SEBI's FAQ specifies NISM-Series-X-A: Investment Adviser (Level 1) and NISM-Series-X-B: Investment Adviser (Level 2) certifications for the relevant persons.

Applicants should also check the latest regulatory requirements because SEBI may issue amendments, circulars or clarifications affecting eligibility and compliance.

Financial Requirements

Financial requirements also apply to Investment Adviser applicants. SEBI's current FAQ states that the net tangible asset requirement for an individual IA is not less than ₹5 lakh, while the net worth requirement for a non-individual IA is not less than ₹50 lakh. The required net worth certificate must be certified by a Chartered Accountant and should meet the applicable validity requirements at the time of filing.

These requirements should be verified against the latest applicable SEBI framework before filing an application.

SEBI IA Registration Process

The registration process generally involves the following stages:

1. Eligibility Assessment

The first step is to evaluate whether the proposed applicant satisfies the applicable conditions for becoming an Investment Adviser.

This includes reviewing the applicant's constitution, qualifications, certifications, financial requirements, proposed activities and other regulatory requirements.

2. Documentation Preparation

The applicant needs to prepare the supporting documents and information required for the registration application.

Depending on the applicant and circumstances, documentation may include:

• Applicant and entity details
• PAN and identification documents
• Incorporation or constitution documents
• Qualification and certification details
• Financial and net worth documents
• Details of principal officer and associated persons
• Business and operational information
• Required policies, procedures and disclosures
• Other documents prescribed by the applicable regulatory framework

3. Application Filing

SEBI's current FAQ states that an applicant seeking registration as an IA is required to submit the application in the specified format with supporting documents to the Investment Adviser Administration and Supervisory Body (IAASB). The application is assessed by IAASB and, subject to meeting the registration conditions, recommended to SEBI for grant of registration.

SEBI's intermediary portal also states that registration and post-registration activities for Investment Advisers and Research Analysts have been transferred to BSE Ltd.

4. Application Review

The submitted information and documents are reviewed as part of the registration process. Applicants may need to respond to queries or provide additional information if required during the assessment.

A complete and properly prepared application can make the process more organised, although registration approval and timelines remain subject to the applicable regulatory assessment.

5. Registration and Ongoing Compliance

Once the application satisfies the applicable requirements and the registration process is completed, the applicant can operate as a registered Investment Adviser subject to the terms and conditions of registration and continuing regulatory obligations.

Registration should not be viewed as a one-time filing. Registered IAs need to maintain ongoing compliance with applicable SEBI regulations, circulars, reporting requirements, disclosures and other obligations.

SEBI IA Registration Fees

The government or regulatory fee applicable to SEBI IA Registration depends on the applicant category and the current fee framework.

According to SEBI's August 2025 FAQ, the applicable SEBI fees for individuals and firms are ₹2,000 as the application fee, ₹3,000 as the registration fee for the first five years and ₹1,000 as the renewal fee for subsequent five-year periods. For body corporates, including LLPs, the FAQ lists ₹10,000 as the application fee, ₹15,000 as the registration fee for the first five years and ₹5,000 as the renewal fee.

These are regulatory fees and should not be confused with professional consultancy or documentation charges. Applicants should verify the latest applicable fee before making payment.

How My Startup Solution Can Assist

My Startup Solution can assist applicants with the administrative and documentation aspects of SEBI IA Registration.

The service can include:

• Initial eligibility and requirement assessment
• Guidance on documentation and application information
• Assistance with preparing registration-related documents
• Application filing support
• Assistance in responding to procedural queries
• Guidance on applicable post-registration compliance requirements

The exact scope of assistance can depend on the applicant's constitution, business model and regulatory requirements.

Documents Generally Required for SEBI IA Registration

The documentation varies according to the applicant's structure and circumstances. Commonly required information may include:

• PAN and identity/address details
• Entity incorporation or constitution documents
• Details of directors, partners or principal officer, as applicable
• Educational qualification and professional certification details
• Financial statements or applicable financial documents
• CA-certified net worth certificate, where required
• Details of persons associated with investment advice
• Business and operational information
• Policies, procedures and disclosures required under the applicable framework

A document checklist should be prepared according to the latest requirements rather than relying on an old checklist.

Why Professional Assistance Can Be Useful

SEBI IA Registration involves regulatory requirements that can change through amendments, circulars and master circulars. Applicants may find it difficult to determine which requirements apply to their specific business structure.

Professional assistance can help organise the application, identify documentation gaps, understand the applicable process and reduce avoidable procedural errors. However, professional assistance does not guarantee approval, because registration remains subject to the regulatory assessment and applicable conditions.

Frequently Considered Points Before Applying

Before starting SEBI IA Registration, applicants should consider:

• Whether their proposed activity falls within the Investment Adviser framework
• Whether the applicant meets applicable qualification and certification requirements
• Whether the required financial criteria are satisfied
• Whether the proposed organisational structure is suitable
• Whether required policies and disclosures are ready
• Whether supporting documents are current and complete
• Whether ongoing compliance responsibilities are understood

Get Assistance for SEBI IA Registration

If you are planning to start an investment advisory business or need assistance with the registration process, My Startup Solution can help you understand the applicable requirements and organise the registration-related documentation.

The registration process should be approached carefully because eligibility, application requirements and ongoing compliance are governed by the applicable SEBI framework. Always verify the latest requirements before filing.