SEBI Investment Adviser Registration for Corporates (2025 Guide): Fees, Eligibility, Deposits & Process
The Securities and Exchange Board of India (SEBI) regulates Investment Advisers (IAs) under the SEBI (Investment Advisers) Regulations, 2013. With major amendments introduced in December 2024 and further updates in 2025, the registration framework for Corporate Investment Advisers (Body Corporates and LLPs) has been significantly streamlined.
This guide explains the latest SEBI requirements, BSE IAASB fees, deposit norms, eligibility, and the step-by-step registration process for Corporate Investment Advisers as of 2025.
1. SEBI & BSE Fee Structure for Corporate Investment Advisers
SEBI Fees (Payable to SEBI)
| Fee Type | Amount (₹) |
|---|---|
| Application Fee | 10,000 |
| Registration Fee | 15,000 |
| Renewal Fee (Every 5 years) | 5,000 |
BSE IAASB Membership Fees (Mandatory Before SEBI Application)
BSE Limited has been appointed as the Investment Adviser Administration and Supervisory Body (IAASB) from July 25, 2024, for five years.
| Fee Type | Amount (₹) |
|---|---|
| New IAASB Membership Fee (Body Corporate/LLP) | 3,00,000 |
| Renewal Fee | 2,97,000 |
2. Total Initial Cost for Corporate Investment Adviser Registration
| Component | Amount (₹) |
|---|---|
| SEBI Application Fee | 10,000 |
| SEBI Registration Fee | 15,000 |
| BSE IAASB Membership Fee | 3,00,000 |
| Minimum Deposit (for up to 150 clients) | 1,00,000 |
| Total Minimum Initial Investment | 4,25,000 |
3. Deposit Requirements (Post-December 2024 Amendment)
SEBI’s December 2024 amendment replaced the net worth requirement with a deposit-based system. This deposit must be marked under lien in favour of the IAASB (BSE Limited).
Client-Based Deposit Slabs
| Number of Clients | Deposit Required (₹) |
|---|---|
| Up to 150 clients | 1,00,000 |
| 151–300 clients | 2,00,000 |
| 301–1,000 clients | 5,00,000 |
| 1,001+ clients | 10,00,000 |
August 2025 Update
SEBI now allows the deposit to be maintained in:
- Liquid Mutual Funds, or
- Overnight Mutual Funds
📌 Compliance deadline: September 30, 2025.
Previous Net Worth Requirement (Before Dec 2024)
Earlier, Corporate IAs were required to maintain a ₹25 lakh minimum net worth.
4. Eligibility & Qualification Criteria (Updated 2025)
Educational Qualification (Updated November 2025)
Current Requirement
- A graduate degree in any discipline from a recognized university
OR - CFA Charter from CFA Institute
Earlier Requirement
A degree specifically in finance, business management, commerce, economics, etc.
NISM Certification (Mandatory)
Both the Principal Officer and Persons Associated with Investment Advice (PAIA) must pass:
- NISM-Series-X-A (Level 1)
- NISM-Series-X-B (Level 2)
Fit & Proper Criteria
Directors and key personnel must have:
- No fraud convictions
- No regulatory violations
- Clean financial history
⚙️ 5. Step-by-Step Process to Register as Corporate Investment Adviser
Step 1: Check Eligibility
Confirm qualifications, NISM certifications, and compliance structure.
Step 2: Apply for IAASB Membership (BSE)
Submit the application on the BSE Membership Portal
👉 membershipraia.bseindia.com
Pay the ₹3 lakh membership fee.
Step 3: File SEBI Application
Apply on the SEBI Intermediary Portal
👉 siportal.sebi.gov.in
Pay ₹10,000 as the application fee.
Step 4: SEBI Review & Clarifications
SEBI may request additional details.
Typical processing time: 2–6 months.
Step 5: Pay Registration Fee
After SEBI approval, pay ₹15,000 within 15 days.
Step 6: Maintain Deposit
Create the required deposit/mutual fund units under lien to IAASB.
Step 7: Receive Registration Certificate
After verification, SEBI issues the Certificate of Registration, allowing commencement of advisory services.
6. Key Documents Required (Corporate IA Registration)
- Certificate of Incorporation / LLP Registration
- Memorandum & Articles of Association
- PAN (Entity)
- Board Resolution authorizing application
- Details of Directors & Shareholders
- NISM Level 1 & Level 2 certificates
- Graduation degree certificates
- Deposit confirmation (FD or MF units with lien)
- Office address proof
- Website details (mandatory for IAs)
- Business plan & compliance framework
7. Ongoing Compliance Obligations for Corporate IAs
Mandatory Compliance Requirements
- Annual Compliance Audit
- Website with all mandated disclosures (Deadline: June 30, 2025)
- Record maintenance for 5 years
- Fee Caps:
- ₹1,51,000/year per family (fixed fee model)
- OR 2.5% of AUA (assets under advice)
- Client-level segregation between advisory & distribution services
8. Transition Rules for Individual Investment Advisers
Individual IAs must convert to Corporate IA if:
- They exceed 300 clients, at any time, or
- Advisory fee income exceeds ₹3 crore in a financial year
9. Recent SEBI Regulatory Updates (2025)
| Month/Year | Update |
|---|---|
| Nov 2025 | Qualification norms relaxed – any graduate allowed |
| Aug 2025 | Liquid/Overnight MF permitted for deposit |
| Jun 2025 | Master Circular for Investment Advisers issued |
| Jan 2025 | Implementation guidelines for Dec 2024 amendments released |
Conclusion
The Corporate Investment Adviser registration framework has become more accessible after the 2024–2025 reforms. Lower qualification barriers, a deposit-based system, and flexibility in maintaining deposits make it easier for corporates and LLPs to enter the investment advisory ecosystem.
A minimum investment of ₹4.25 lakh and strict compliance processes ensure investor protection while enabling scalable advisory businesses in India.
