What do you need to register as an investment adviser with SEBI?

Lesson 26 of 50 for advisers · Becoming an RIA · 4 min read · Reviewed 13 Nov 2026

Quick answer

A graduate degree or a CFA Charter, plus NISM’s X-A and X-B certifications (or NISM’s postgraduate programme in investment advisory or financial planning). You enlist with BSE, which administers advisers, and keep a deposit of ₹1 lakh to ₹10 lakh depending on clients. SEBI’s fees for an individual are ₹2,000 to apply and ₹3,000 to register.

Since 25 Nov 2025 the bar is a graduate degree or a CFA Charter, plus NISM X-A and X-B. The experience requirement went in Dec 2024.

The old net worth rule is gone. In its place is a deposit, lien-marked to BSE: ₹1 lakh for up to 150 clients, ₹2 lakh to 300, ₹5 lakh to 1,000 and ₹10 lakh above.

SEBI charges an individual ₹2,000 to apply, ₹3,000 to register and ₹1,000 every five years. BSE sets its own fees on top.

An individual adviser must start becoming a firm once clients pass 300 or fees in a year pass ₹3 crore.

Key idea: The registration is valid until suspended or cancelled; the NISM certificate is what must be renewed.

Sources

Try the short quiz on this page to check what stuck.

Common questions

Where can the deposit be kept?

In liquid or overnight fund units, or a scheduled bank deposit, revised by 30 April each year.

Does a firm need a compliance officer?

A compliance officer, or an independent CA, CS or CMA holding NISM X-A, X-B, X-C and III-A.

Can an individual RIA also distribute?

No. An individual adviser may not distribute, and their family may not distribute to their advisory clients.

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