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.

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.

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

“Only SEBI-registered advisers can legally offer investment advice in India.”

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

No registration required

Examples:

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

Requires separate RA registration
But RA cannot give personalized advice.

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

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.

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.

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

• 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
  

No change to your original text — only expanded depth:

SEBI mandates two NISM certification exams:

Covers:

• Basics of investments
  
• Personal finance
  
• Portfolio construction
  
• Regulatory framework
  

Covers advanced:

• Suitability analysis
  
• Financial planning
  
• Risk assessment
  
• Ethical advisory practices

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

“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.

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

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.

Applicants must have an office setup with computers, internet connection, record-keeping systems, and a functional website.

• Secure data storage
  
• Encrypted client communication
  
• Complaint-tracking system
  
• Documented operational manuals
  
• Updated website with mandatory disclosures

SEBI allows two fee models:

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

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

Switching models requires written client consent.

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 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.

You must maintain:

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

Records may be physical or digital.

Must include:

• Registration number
  
• Fee structure
  
• Investor charter
  
• Complaint data
  
• Disclosures
  

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

Recent allowance:

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

Collect certificates.

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

Upload documents
Pay application fee

Provide:

• Additional documents
  
• Clarifications
  
• Updated website
  
• Screenshots
  
• Declarations
  

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

₹1L – ₹10L depending on clients.

• Start operations
• Publish disclosures
• Begin onboarding clients legally

• 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

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.

• 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

• 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 RIA Registration and Compliance”

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.

Yes, both NISM X-A and X-B are compulsory.

No experience required after SEBI removed the rule.

Any graduation degree.

₹1 lakh to ₹10 lakh depending on client count.

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

No. Personalized advice requires IA registration.

Yes, but advice cannot be client-specific.

Yes, part-time advisers are recognized.

Only if suitability is checked.

Up to one year with client consent.

No. Advisory must be conflict-free.

A qualified auditor or CA/CS/CMA.

Minimum five years.

Yes. Mandatory for IAs.

Yes, but no misleading performance claims.

Not without RIA registration.

Only for education — not personalized advice.

Yes, under SEBI norms.

No. Only advice, not portfolio management.

Yes, for education only.

File as LLP/company.

Yes but with human oversight.

Yes, but must follow audit, transparency, and human validation norms.

Yes, NISM certificates every 3 years.

End-to-end IA registration and compliance support.