Would like to understand if I can take license on investment advisor, provide service on portfolio advisory if I am at practice.
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Investment advisor license
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| SEBI-registered Investment Adviser (IA) registration is governed by SEBI (Investment Advisers) Regulations, 2013 (amended periodically). Here is the complete guide: 1. Eligibility Conditions (as per latest 2021 amendments): - Qualification: Professional qualification (CA, CS, CFA, MBA Finance, CFPCM or equivalent) OR Postgraduate degree in Finance/Accounting/Business from recognised university - Experience: Minimum 5 years of experience in financial activities (for individual IAs), or the key personnel of corporate IA must have the qualification + experience - Certification: NISM-Series-X-A (Investment Adviser Level 1) and NISM-Series-X-B (Investment Adviser Level 2) — both mandatory - Net Worth: Individual IA: Minimum Rs. 5 lakh net worth. Non-individual IA: Rs. 50 lakh net worth 2. Application Process: - Apply online through SEBI Intermediary Portal (siportal.sebi.gov.in) - Submit: Application form, qualification certificates, NISM certification, net worth certificate, PAN, Aadhaar, bank account details - Pay registration fee: Individual IA: Rs. 10,000. Non-individual: Rs. 25,000 (approximate — check current SEBI schedule) 3. Compliance After Registration: - Maintain client records, agreements, risk profiling - Segregate advisory and distribution fees - Annual compliance audit - Renew registration every 5 years 4. Restrictions: Registered IA cannot also distribute products (mutual funds, insurance) — SEBI strictly prohibits conflict of interest between advisory and distribution. 5. CA-Specific Note: CAs already practising tax advisory are not automatically covered under SEBI IA regulations, but if they charge specifically for investment advice, IA registration becomes mandatory. |
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