Registered Investment Advisor SEBI (RIA) in India 2026 – Complete Step-by-Step Guide

A registered investment advisor SEBI (RIA) is a qualified professional authorized to offer personalized investment advice for a fee in India. To become one, you need NISM X-A & X-B certifications, graduation, deposit requirements, fit-and-proper criteria, a compliant website, and registration via BSE Administration. This guide explains eligibility, fees, documents, compliance, and a full step-by-step registration process.

Why registered investment advisor sebi Is a Growing Career

India’s financial markets have undergone a massive transformation. With more than 20 crore active investors, the demand for trusted and qualified financial advisers has skyrocketed. However, fewer than 1,000 Registered Investment Advisers SEBI (RIAs) exist in the country. This creates a significant opportunity for those who want to build a respected, professional, and compliant advisory business.

A registered investment advisor sebi (SEBI RIA) is the only category legally permitted to offer personalized investment advice for a fee. As more Indians enter equity, mutual funds, PMS, and digital investing, the credibility of SEBI-regulated advisory is becoming essential.

Choosing this profession gives you:

Long-term business opportunity
High credibility
Recurring fee income
No upper limit on earning potential
A scalable advisory or consulting business

This 2026 edition of the guide provides a complete, expanded breakdown exactly as per your original content — detailing the eligibility, regulations, fee caps, compliance expectations, and the full registration workflow.

Who Is an Registered Investment Advisor Sebi

A SEBI Investment Adviser is any person or entity offering investment advice for consideration. This advice includes:

Asset allocation
Portfolio strategy
Product recommendations
Risk-based planning

If the advice is client-specific, SEBI registration becomes mandatory.

Since December 2014, part-time IAs are fully recognized. Whether full time or part time, all advisers must comply with the same qualifications, exams, disclosures, and conduct standards.

✔ Education = allowed
✔ General market commentary = allowed
✔ Personalized advisory = only for SEBI RIAs

Your original line remains unchanged:
“Only SEBI-registered advisers can legally offer investment advice in India.”

IA vs Research and Distribution

SEBI draws a strict line between education, research, distribution, and advisory.

Education / General Market Outlook

No registration required
Examples:

General YouTube market discussions
Nifty/Bank Nifty talks
Macro outlooks
Trading psychology

Research Analyst (RA)

Requires separate RA registration
But RA cannot give personalized advice.

Distributor

Sells products (MF/Insurance) and earns commissions
Requires ARN or IRDA license
Must disclose conflict of interest.

Investment Adviser (IA)

Can ONLY earn fees (no commissions).
Must only provide unbiased, client-first advice.

Your original distinction remains fully preserved. This expansion simply clarifies the boundaries.

Eligibility Criteria

SEBI requires all applicants to be:

Qualified
Certified
Financially sound
Fit and proper
Equipped with proper infrastructure

These criteria ensure that only trustworthy and knowledgeable advisers enter the profession.

Qualification Requirements

Your original statement:
“Graduates or higher degree holders in any discipline, or professionals in finance, economics, commerce, or capital markets, are eligible.”

Expanded explanation:

Accepted Degrees

Any bachelor’s degree
Postgraduate degrees
MBA
CA, CS, CFA, CWM, CFP
Any commerce/economics/finance specialization

For non-individual IA (company/LLP):

Principal Officer must meet all qualifications
All advisory staff must also meet them

Partners/directors must be fit and proper

Mandatory NISM Certifications

No change to your original text — only expanded depth:

SEBI mandates two NISM certification exams:

1. NISM X-A — Level 1

Covers:

Basics of investments
Personal finance
Portfolio construction
Regulatory framework

2. NISM X-B — Level 2

Covers advanced:

Suitability analysis
Financial planning
Risk assessment
Ethical advisory practices

Both certificates must be valid (3-year validity). Renewal is mandatory before expiry.

Experience Requirement

Your original content:
“Earlier five years of experience was required, but that condition has been removed.”

So now:

No minimum experience needed
Anyone with graduation + NISM exams is eligible

SEBI removed this requirement to expand the availability of qualified IAs.

Deposit Requirement (Instead of Net Worth)

Your exact content retained — expanded for clarity:

SEBI replaced net-worth criteria with client-based deposit slabs, lien-marked with BSE Administration.

Up to 150 clients – Deposit required: ₹1,00,000

Up to 300 clients – Deposit required: ₹2,00,000

Up to 1,000 clients – Deposit required: ₹5,00,000

Above 1,000 clients – Deposit required: ₹10,00,000

This deposit:

Must remain lien-marked
Cannot be withdrawn
Must remain throughout the registration period
Ensures financial stability and regulatory commitment

Fit and Proper Criteria

Applicants must have:

Clean regulatory history
No frauds
No pending serious litigation
No bankruptcy
Ethical track record

Partners and principal officers must also meet this criterion.

Infrastructure Requirements

SEBI allows two fee models:

1. Fixed Fee Model

Max ₹1,51,000 per client family per year
Can be monthly, quarterly, or annual
GST separate

2. Assets Under Advice (AUA) Model

Max 2.5% of AUA
Fee cannot exceed SEBI limit
Must follow clear disclosure norms

Switching models requires written client consent.

When to Convert from Individual to Non-Individual IA

You must convert to non-individual IA if either:

Client count exceeds 300 OR
Annual advisory fee exceeds ₹3 crore

To stay within limits as an individual adviser:

Remove inactive clients
Keep agreements time-bound
Renew only active clients

Part-Time Investment Adviser

Your original content preserved:

Part-time IAs can be:

CA
CS
Cost accountant
Lawyers
Doctors
Architects
Teachers
Insurance agents

But must comply with:

Qualification
NISM exams
Conduct norms
Fee limitations
Disclosure requirements

Part-time status does not relax regulation.

Records, Website & Compliance Officer

Record-Keeping (5 Years Mandatory)

You must maintain:

KYC
Risk profiling
Agreements
Suitability proof
Advice rationale
Email/chat logs
Complaint trail

Records may be physical or digital.

Website Requirements

Must include:

Registration number
Fee structure
Investor charter
Complaint data
Disclosures

Compliance Officer

Individual IAs = Self-compliance
Non-individuals = Must appoint a compliance officer

Recent allowance:

SEBI allows external CA/CS/CMA as compliance officers.

Step-by-Step Registration Process

Step 1: Pass NISM X-A & X-B exams

Collect certificates.

Step 2: Prepare Documents

Degree certificate
PAN/Aadhaar
Photo
Address proof
Website details
Infrastructure declaration
Fit & proper declaration

Step 3: Create Account on BSE Administration Portal

Step 4: Submit Application

Upload documents
Pay application fee

Step 5: Respond to SEBI Clarifications

Provide:

Additional documents
Clarifications
Updated website
Screenshots
Declarations

Step 6: Pay Registration Fee

Individuals = ₹15,000 + GST
Companies/LLP = ₹5,50,000 + GST

Step 7: Deposit Lien-Marked Amount

₹1L – ₹10L depending on clients.

Step 8: Receive IA Registration Number

Start operations
Publish disclosures
Begin onboarding clients legally

Operational Responsibilities After Registration

Conduct risk profiling
Create suitability-based advice
Avoid product conflicts
Maintain clean complaint process
Renew NISM certificates
Maintain audit trails
Disclose fee model
Maintain yearly compliance report

If using AI tools:

Must maintain human oversight
Must maintain audit trails
Models must not auto-execute without supervision

Advising Clients Outside India

Indian RIAs may:

Advise foreign clients if local laws permit
Advise NRIs under SEBI IA norms
Follow FEMA + taxation compliance

Advice must remain compliant with SEBI standards.

Why SEBI IA Profession Is Growing Rapidly

India’s investor base rising rapidly
Growing digital investing
Lack of trusted advisers
Rising financial awareness
Increasing need for unbiased advice
Strong professional credibility
Recurring fee-based income
Government push towards regulated advisory

Why Choose Taxation Consultancy — Full RIA Registration Support

Taxation Consultancy helps aspiring and existing investment advisers with:

NISM exam preparation
IA application drafting
Website compliance creation
Deposit guidance
Documentation support
Responding to SEBI queries
Post-registration compliance
Annual audit assistance
Client agreement templates
Suitability and risk profiling formats

With years of experience and a strong track record, Taxation Consultancy ensures a smooth, error-free, and fast RIA registration experience.

📧 taxationconsultancy997@gmail.com

📞 8928321757

✔ “Your Trusted Partner for SEBI Registration and Compliance”

Conclusion

The SEBI Registered Investment Adviser framework is designed to protect investors, increase professionalism, and ensure ethical financial advisory. With two NISM certifications, minimal infrastructure, a clear fee structure, and transparent compliance rules, becoming an RIA in India is now easier and more rewarding than ever.

For end-to-end guidance — from NISM prep to full registration — Taxation Consultancy is the best partner to help you get started.

Also Read : How To Become Sebi Registered Research Analyst In 2026