THE GAZETTE OF INDIA EXTRAORDINARY PART – – III – – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JANUARY 21 , 2013 SECURITIES AND EXCHANGE BO

1 · [(aa) "accreditation agency" shall have the same meaning as assigned to it in clause

1 · Inserted by the SEBI (Investment Advisers) (Third Amendment) Regulations, 2021, w.e.f. 03-08-2021 .

2 · [ 3 [(ac)] " assets under advice" shall mean the aggregate net asset value of securities 4 [ *** ] for which the investment adviser has rendered investment advice irrespective of whether the implementation services are provided by investment adviser or concluded by the client directly or through other service providers;]

6 · [(e) "Change in control" –

2 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

3 · Substituted for "(aa)" by the SEBI (Investment Advisers) (Third Amendment) Regulations, 2021, w.e.f. 0308 -2021 .

4 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its omission, the following words of clause (ac) read as under: "and investment products"

5 · Substituted for the words, symbols and numbers " under sub -section (7) of section 2 of the Companies Act, 1956 (1 of 1956) " by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

6 · Substituted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023. Prior to its substitution, clause (e) read as under:

8 · [(ga) 9 [ *** ]

7 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

8 · ibid.

9 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its omission, clause (ga) read as under;

12 · [Provided further that trading calls shall not be considered as investment advice for purpose of these regulations.]

14 · [(pa) "non-individual" means a body corporate including a limited liability partnership and a partnership firm;]

15 · [(pb) "other business activity or employment" means such business activity or employment which is not related to securities and:

10 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its omission, the following words of clause (l) read as under "and investment products"

11 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its omission, the following words of clause (l) read as under "and investment products"

12 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

13 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

14 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

15 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

17 · [(r) "persons associated with investment advice" shall mean any member, partner, officer, director or employee or any sales staff of such investment adviser including any person occupying a similar status or performing a similar function irrespective of the nature of association with the investment adviser who is engaged in providing investment advisory services to the clients of the investment adviser;

18 · [(s) "principal officer" in case of non-individual investment adviser engaged:

16 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

17 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (r) read as under;

18 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its substitution, clause (s) read as under;

19 · [(t) "research analyst" means any person registered under Securities and Exchange Board of India (Research Analysts) Regulations, 2014;

21 · [***]

19 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

20 · Substituted for the words, symbols and numbers " Companies Act, 1956 (1 of 1956) " by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

21 · Omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its omission, regulation 3(1) proviso read as under;

21 · Omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its omission, regulation 3(1) proviso read as under;

22 · [(1A) Notwithstanding anything contained in sub-regulation (1), any application made by a person prior to coming into force of these regulations containing such particulars or as near thereto as mentioned in Form A of First Schedule shall be treated as an application made in pursuance of sub-regulation (1) and dealt with accordingly;]

23 · [(3) On and from the date of commencement of these regulations, no person, while dealing in distribution of securities, shall use the nomenclature "Independent Financial Adviser or IFA or Wealth Adviser or any other similar name" unless registered with the Board as Investment Adviser."]

22 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

23 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

24 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 .

25 · ibid.

26 · Substituted for the word "representative" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

27 · ibid

28 · Substituted for the words "a body corporate or a firm" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

29 · [(b) in case the applicant is an individual, he and all persons associated with investment advice are appropriately qualified and certified as specified in regulation 7;]

30 · [(c) in case the applicant is a body corporate, the principal officer and all persons associated with investment advice of the applicant are appropriately qualified and certified as specified in regulation 7;]

31 · [(d) in case the applicant is a firm or a limited liability partnership, the principal officer and all persons associated with investment advice of the applicant are appropriately qualified and certified as specified in regulation 7;]

33 · [(f) whether the applicant, its partners, principal officer and persons associated with investment advice, if any, are fit and proper persons based on the criteria as specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008;]

29 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (b) read as under;

30 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (c) read as under;

31 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (d) read as under;

32 · Substituted for the word "networth" by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

33 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (f) read as under;

35 · [(n) Whether the applicant is enlisted with a body or body corporate recognised under regulation 14:

36 · [Qualification and certification requirement .

34 · Substituted for the words "body corporate" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

35 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024, w.e.f. 25 -07 -2024. Prior to substitution, it read as under:

36 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, regulation 7 read as under;

38 · [(a) A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organization or institution accredited by NISM; or]

43 · [(c) A Post Graduate Program in the Securities Market (Investment Advisory) from NISM or a Post Graduate Program in Financial Planning from NISM or any other program of NISM as may be specified by the Board.]

37 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 .

38 · Substituted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to its substitution, clause (a) read as under:

42 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 . Prior to its omission, clause (b) read as under;

43 · Substituted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to its substitution, clause (c) read as under:

53 · [Deposit .

45 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023, w.e.f. 30 -09 -2023.

46 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023, w.e.f. 30 -09 -2023.

47 · Substituted for the word "such" by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023, w.e.f. 30-09-2023.

48 · Substituted for the words "three years" by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023, w.e.f. 30-09-2023.

49 · Omitted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 . Prior to its omission, the following words of proviso read as under: "and (b)"

50 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

51 · Substituted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to its substitution, sub -regulation (2) read as under;

53 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its substitution, regulation 8 read as under;

51 · [(2) An individual investment adviser or principal officer of a non-individual investment adviser, registered under these regulations, persons associated with investment advice, and in case of investment adviser being a partnership firm, the partners thereof who are engaged in providing investment advice, shall obtain a fresh relevant NISM certification as specified by the Board from time to time before expiry of the validity of the existing certification or within three years from the date of registration certificate , as the case may be, to ensure continuity in compliance with certification requirements.]

55 · [(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the Board for the purpose of administration and supervision of investment advisers in accordance with regulation 14 of these regulations:

59 · [Provided that an individual or partnership firm registered as a research analyst may be granted certificate of registration as an investment adviser, subject to such terms and conditions as the Board may deem fit and appropriate.]

54 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2025 w.e.f. 07 -08 -2025. Prior to substitution, sub -regulation (2) read as under:

55 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2025 w.e.f. 07 -08 -2025 .

56 · The words "/renewal" was omitted by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

57 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

58 · Substituted for the symbol "." by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

59 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

61 · [The investment adviser which has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, in terms of sub -regulation (1).]

60 · Substituted for the words "f "for a period of five years from the date of its issue. " by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

61 · Substituted by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution regulation 11 read as under:

63 · [Provided that part-time investment adviser registered under these regulations shall use the term 'part-time investment adviser' in all their correspondences with their clients.]

64 · [(e) individuals registered as investment advisers whose number of clients exceed three hundred at any point of time or the fee collected during the financial year exceeds three crore rupees, whichever is earlier shall –

67 · [(f) the in-principle approval for registration under clause (e) shall be valid for a period of three months from the date on which such approval is granted, to assist in the transition from registration as individual investment adviser to non-individual investment adviser;

62 · Substituted for the symbol ";" by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

63 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

64 · Substituted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to its substitution, clause (e) read as under;

67 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

68 · [(h)] 69 [the number of clients of a part-time investment adviser shall not exceed seventy-five in total at any point of time.]

70 · [Recognition of body or body corporate for administration and supervision of investment advisers.

68 · Clause (f) renumbered as (h) by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025.

69 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

70 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024, w.e.f. 25 -07 -2024. Prior to substitution, it read as under:

14 · (1) The Board may recognize any body or body corporate for the purpose of regulating investment advisers.

71 · [(13) It shall be the responsibility of the investment adviser to ensure compliance with the certification and qualification requirements as specified under Regulation 7 at all times.]

72 · [(14) An investment adviser who uses Artificial Intelligence tools, irrespective of the scale and scenario of adoption of such tools, for servicing its clients shall be solely responsible for the security, confidentiality, integrity of the client data, use of any other

71 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, sub -regulation (13) read as under;

72 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

73 · [(15) An investment adviser shall ensure compliance with the Investor Charter specified by the Board from time to time.]

74 · [Fees.

15A · Investment Adviser shall be entitled to charge fees for providing investment advice from a client 75 [, including an accredited investor] in the manner as specified by the Board.]

73 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

74 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

75 · Inserted by the SEBI (Investment Advisers) (Third Amendment) Regulations, 2021, w.e.f. 03-08-2021 .

76 · [***]

76 · Omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its omission, sub -regulation (2) and (3) read as under;

77 · [(8) An investment adviser who provides advisory services in respect of products or services which are outside the purview of the Board, shall disclose to the client that such products or services and his advisory services in respect of such products or services are outside the regulatory purview of the Board and no recourse from the Board shall be available to such clients for any grievance arising therefrom.

78 · [(d) Copies of agreements with clients, incorporating the terms and conditions as may be specified by the Board;]

77 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

78 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause (d) read as under;

83 · [(h) Records of communication including emails, call recordings etc. with all clients including prospective clients, as may be specified.]

86 · [Website.

19A · An investment adviser shall maintain a functional website containing such details as may be specified by the Board.]

87 · [Appointment of compliance officer.

79 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

80 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

81 · Substituted for the words and symbol "fee, if any charged for such advice" by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

82 · Substituted for the symbol "." by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

83 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

84 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

85 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

86 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

87 · Substituted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024. Prior to its substitution, regulation 20 read as under;

20 · An investment adviser which is a body corporate or a partnership firm shall appoint a compliance officer who shall be responsible for monitoring the compliance by the investment adviser in respect of the requirements of the Act, regulations, notifications, guidelines, instructions issued by the Board."

90 · [Client level segregation of advisory and distribution activities .

88 · Substituted by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 w.e.f. 18-08-2023. Prior to substitution , it reads as , "An investment adviser shall redress client grievances promptly."

89 · Substituted for the words " may be resolved through arbitration " by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f., 04-07-2023 .

90 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, regulation 22 read as under;

91 · [Implementation of advice or execution.

22A · . (1) Investment adviser may provide implementation services to the advisory clients in securities market:

22 · Investment advisers which are banks, NBFCs and body corporate providing distribution or execution services to their clients shall keep their investment advisory services segregated from such activities:

91 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

92 · Substituted for the words "representative of investment adviser" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

93 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

94 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

28 · An investment adviser who -

95 · ibid.

96 · Inserted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17 -04 -2020.

28A · . (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 97 [***] relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets.

98 · [Savings

30A · Prior to the commencement of the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024, any action taken or purported to have been taken or any action that may be taken against any person in relation to the membership of the body or body corporate recognised under regulation 14 shall be deemed to have been done or taken or may be taken under the corresponding provisions of these regulations . ]

97 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

98 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024, w.e.f. 25 -07 -2024 .

99 · [See Regulation 3]

100 · [Application for Grant of Certificate of Registration]

99 · Substituted for the words " See Regulations 3 and 11 " by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

100 · Substituted for the words "A "Application for Grant of Certificate of Registration/Renewal as investment adviser " by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

101 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

102 · Substituted for the words " at its head office at Mumbai" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

1 · GENERAL INFORMATION

104 · [(b)***].

108 · [(da) Indicate whether the application for the grant of certificate of registration is for part-time investment adviser;

2 · DETAILS OF APPLICANT (Provide details of only the section applicable to you)

103 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

104 · Omitted by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to omission sub -para(b) read as under:

105 · Substituted for the words and symbols "and e-mail of the contact person(s) and principal officer" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

107 · Substituted for the words and symbol ", body corporate (including company), partnership firm or limited liability partnership" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

108 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

109 · Omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its omission, the following words of clause (i) read as under;

110 · [1. Whether the applicant and persons associated with investment advice comply with qualification and certification requirements under regulation 7 and applicant has submitted a declaration with respect to the same.

2 · Copy of certification obtained in accordance with regulation 7(2). 111 [***]

112 · [3. Number of persons associated with investment advice, if any, who shall render investment advice under these regulations on behalf of the applicant. Provide documents as mentioned in points 1 to 2 above for such persons associated with investment advice.]

117 · [8. Where the applicant is employed and has applied for registration as a part-time investment adviser, the applicant shall enclose a no objection certificate from the employer. In case of change in employment, the applicant shall provide no objection certificate from the new employer.]

110 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 1. read as under;

111 · Omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its omission, the following words of clause (2) read as under;

112 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 3 read as under;

113 · Substituted for the words "address proof" f" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

114 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

115 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to omission, it read as under;

7 · Copy of assets and liabilities statement”

117 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

120 · [3. Declaration by the applicant that its principal officer and persons associated with investment advice currently comply with the certification 121 [and qualification under regulation 7] . ]

125 · [8. Enclose identity proof and 126 [details of address] of the applicant, principal officer 127 [, compliance officer] and persons associated with investment advice.]

118 · Substituted for the words "address proof" f" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

119 · Substituted for the words "employees and agents of the applicant (hereinafter referred to as 'representatives')" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

120 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 3 read as under;

121 · Substituted for the words and symbols " ", qualification and experience requirements under regulation 7 " by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

122 · Substituted for the word "representatives" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

124 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to omission, clause (7) read as "7. Net worth details. "

125 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

126 · Substituted for the words "address proof" f" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

127 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

128 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

132 · [2. Whether the aforesaid principal officer and persons associated with investment advice comply with certification and qualification requirements under regulation 7 and applicant has submitted a declaration with respect to the same.

133 · [3. Copy of certification obtained by the aforesaid principal officer and persons associated with investment advice in accordance with regulation 7(2).]

129 · Substituted for the words "address proof" f" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

130 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

131 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

132 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 2. read as under;

133 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 3. read as under;

134 · Substituted for the word "partner" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

135 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to omission, clause (5) read as " 5 . Copy of assets and liabilities statement."

137 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

138 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

144 · [Declaration by the applicant that its principal officer and persons associated with investment advice currently comply with the certification and qualification requirements under regulation 7 . ]

3 · BUSINESS PLAN

148 · [4. DECLARATION OF NECESSARY INFRASTRUCTURE

139 · Substituted for the words "address proof" f" by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

140 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

141 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

142 · Substituted for the words "employees and agents of the applicant (hereinafter referred to as 'representatives')" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

143 · The words "principal officer and" , omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

144 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, clause 4 read as under;

145 · Substituted for the words "representatives" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

146 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to omission, clause (6) read as " 6 . Net worth details."

148 · Substituted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to its substitution, item 4 read as under;

149 · [5. IMPLEMENTATION OF ADVICE OR EXECUTION SERVICES.

2 · . If the applicant is a non-individual, whether the applicant proposes to offer distribution services.]

6 · OTHER INFORMATION/DECLARATIONS/ REGULATORY ACTIONS

1 · Details of office space, office equipment, furniture and fixtures, communication facilities, research capacity, research software for undertaking investment advisory services.

2 · . Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of an investment adviser."

149 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020. Prior to its substitution, item 5 read as under;

1 · If the applicant is a body corporate, whether the applicant proposes to offer distribution or execution services to its clients.

2 · If yes, provide a declaration that the services are being offered through a subsidiary/ separately identifiable department or division."

150 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020.

151 · Omitted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025. Prior to omission, clause (e) read as " (e) A credit report/ score from CIBIL for the applicant.(For applicants other than financial institutions & banking companies) "

152 · Substituted for the word "representatives" by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

153 · [(ga) In case of registration as part-time investment adviser, a declaration that it shall maintain arms -length relationship between its business activity as investment adviser and other business activity and shall ensure that its business activities as investment adviser are clearly segregated from its other business activity or employment.]

7 · DECLARATION STATEMENT

153 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

154 · Inserted by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

155 · Inserted by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.

156 · [SECOND SCHEDULE

158 · [For individuals and firms ₹ 2,000]

159 · [For Body Corporate including Limited Liability Partnerships] ₹ 10,000

160 · [Every applicant shall pay registration fee at the time of grant of certificate by the Board as under:

156 · Substituted by the SEBI (Payment of Fees) (Amendment) Regulations, 2014, w.e.f 23.05.2014. Prior to its substitution, the Second Schedule read as under:

1 · "Every applicant shall pay non-refundable application fees of five thousand rupees along with the application for grant or renewal of certificate of registration.

2 · Applicants which are individuals and firms shall pay a sum of ten thousand rupees as registration/ renewal fee at the time of grant or renewal of certificate by the Board.

3 · A body corporate shall pay a sum of one lakh rupees as registration/ renewal fee at the time of grant or renewal of certificate by the Board.

4 · The fee referred to in paragraph 1, 2 and 3 shall be paid by the applicant within fifteen days from the date of receipt of intimation from the Board by a demand draft in favor of 'Securities and Exchange Board of India' payable at Mumbai or at respective regional or local office."

157 · The words "or renewal" omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

158 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01-04-2021. Prior to its substitution, sub -clause (a) read as under:

159 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01-04-2021. Prior to its substitution, sub -clause (b) read as under:

160 · Substituted by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01-04-2021. Prior to its substitution, clause (2) read as under:

161 · [An investment adviser who has been granted a certificate of registration, to keep its registration in force, shall pay fee 162 [specified below] every five years , from the date of grant of certificate of registration or from the date of grant of certificate of registration granted prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, as the case may be, within three months before expiry of the period for which fee has been paid 163 [:]]

164 · [a. For individuals and firms ₹ 1,000

165 · [4. The fee referred to in paragraph 2 shall be paid by the applicant within fifteen days from the date of receipt of intimation from the Board by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time.]

161 · Inserted by the by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

162 · Substituted for the words "prescribed at paragraph 2 above" by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01-04-2021.

163 · Substituted for the symbol "." by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01 -04 -2021.

164 · Inserted by the SEBI (Investment Advisers) (Amendment) Regulations, 2021, w.e.f. 01-04-2021.

165 · Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 w.e.f 01-04-2023. Prior to its substitution, clause (4) read as under:

1 · Honesty and fairness

2 · Diligence

3 · Capabilities

4 · Information about clients

5 · Information to its clients

6 · Fair and reasonable charges

7 · Conflicts of interest

8 · Compliance

9 · Responsibility of senior management

166 · The words "if any" was omitted by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.

167 · Substituted for the words " representative(s) " by the SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30 -09 -2020.