Overview: Investment Advisory License in India

India's wealth and investment advisory ecosystem is evolving rapidly, powered by growing investor awareness, digital platforms, and regulatory clarity. To operate legally and earn client trust, professionals must obtain the relevant license or registration from SEBI or AMFI.

Whether you're a:

• Mutual Fund Distributor
• Registered Investment Adviser (RIA)
• Research Analyst (RA)
• Portfolio Management Service (PMS) provider
• Getting licensed is the first step toward long-term success.

AMFI Registration for Mutual Fund Distributors

The Association of Mutual Funds in India (AMFI) is a non-profit organization dedicated to developing the Indian mutual fund sector. Established under the Securities and Exchange Board of India (SEBI), AMFI ensures that mutual fund operations adhere to ethical standards and promote transparency within the industry. An AMFI Registration Number (ARN) is a unique identifier assigned to individuals or entities authorized to distribute mutual fund products in India.

Market Size of the Mutual Fund Industry in India

The Indian mutual fund industry has come a long way since its inception in 1963 with the introduction of the Unit Trust of India (UTI). Over the decades, it has demonstrated remarkable growth, becoming a key pillar of the country's financial ecosystem.

As of April 2024, the industry's Average Assets Under Management (AAUM) reached an impressive ₹57.01 trillion. In just a decade, the mutual fund market has expanded more than sixfold, surging from ₹9.45 trillion in April 2014 to ₹57.26 trillion in April 2024. This phenomenal rise underscores the growing investor confidence and the increasing role of mutual funds in wealth creation across India.

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Who Needs AMFI Registration?

• Independent Mutual Fund Distributors (MFDs)
• Sub-brokers and Agents of Registered Stockbrokers
• Financial Planners offering mutual fund products
• Investment Firms expanding their offerings

If you plan to distribute mutual fund schemes from any Asset Management Company (AMC) in India, getting an ARN is mandatory under SEBI and AMFI guidelines.

Benefits of Obtaining AMFI Registration

Becoming an AMFI-registered mutual fund distributor opens the door to a world of opportunities. Here's how it benefits you:

Legitimacy & Credibility- An AMFI Registration Number (ARN) establishes you as a certified mutual fund distributor, enhancing your professional credibility and building trust with clients.

Legal Compliance & Industry Recognition- Stay fully compliant with SEBI and AMFI regulations, ensuring a smooth and risk-free business operation while gaining industry-wide recognition.

Access to a Wide Range of Mutual Fund Products- With an ARN, you can collaborate with multiple Asset Management Companies (AMCs) and offer diverse investment solutions to your clients.

Investor Confidence & Business Growth- Investors prefer working with registered distributors, giving you a competitive edge and fostering long-term client relationships.

Seamless Online & Offline Transactions- With your ARN, you can facilitate investments digitally or through traditional channels, ensuring convenience for both you and your clients

Eligibility Criteria for AMFI Registration Number

• Must be an individual, partnership firm, or corporate entity
• Minimum age requirement: 21 years for individuals
• Educational qualification min.10+2 for individuals and entities
• Prior experience in financial services or mutual funds (preferred)
• Financial stability to efficiently operate a mutual fund business
• Must have a registered business address
• Compliance with SEBI and AMFI regulations is mandatory
• No history of financial fraud or criminal activity
• Sufficient infrastructure to conduct mutual fund business
• Completion of training & certification programs mandated by AMFI
• Must be empaneled with Asset Management Companies (AMCs) for fund distribution

SEBI Registered Investment Adviser (RIA)

In an era of growing financial awareness and digital-first investing, investors are increasingly seeking unbiased, transparent, and personalized advice. The Securities and Exchange Board of India (SEBI) mandates that individuals and entities offering investment advice for a fee must obtain an Investment Adviser (IA) license under the SEBI (Investment Advisers) Regulations, 2013.

Whether you are a financial planner, wealth manager, or an advisory firm, becoming a SEBI Registered Investment Adviser (RIA) is a legal and professional necessity if you wish to provide direct, fee-based investment recommendations.

Who Needs to be Registered as an Investment Adviser?

• Individuals or firms offering investment advice on securities or investment products to clients
• Robo-advisory platforms or fintech startups recommending portfolios
• Portfolio managers providing advisory (non-discretionary) services
• Wealth managers, family offices, or independent financial consultants charging advisory fees

If you recommend where clients should invest, SEBI requires you to be registered as an RIA.

Benefits of SEBI RIA Registration

Legal Authorization to Charge Advisory Fees- Earn ethically by offering fee-only advisory services, free from commission-based conflicts of interest.

Gain Client Trust- SEBI registration builds investor confidence in your advisory practice, helping you stand out in a crowded marketplace.

Access to a Growing Client Base- Tap into India's expanding investor segment that prefers fee-based advisors over product sellers.

Regulatory Protection & Clarity- Operate under clear rules that define what you can offer, how to onboard clients, and how to structure your revenue.

Eligibility Criteria for SEBI Registered Investment Adviser (RIA)

• Post-Graduate or Graduate with five years' experience
• NISM-Series-XA and XB certifications are required at registration
• No prior experience needed for individual RIAs
• Net worth of ₹5 lakhs (individuals) / ₹50 lakhs (non-individuals)
• Independent infrastructure & advisory model
• Clear business plan and operational procedures
• No past convictions or securities law violations allowed
• Minimum age typically 21 years (not always explicitly stated)

Portfolio Management Services (PMS) Registration

India's wealth landscape is expanding rapidly, and high-net-worth individuals (HNIs) are increasingly looking for personalized investment strategies beyond standard mutual funds. Portfolio Management Services (PMS) offer a curated approach to investing, where fund managers actively manage a client's portfolio to meet specific financial goals.

To operate legally as a portfolio manager in India, registration under SEBI (Portfolio Managers) Regulations, 2020 is mandatory. Whether you're an individual fund manager or a corporate entity offering discretionary or non-discretionary portfolio management, SEBI PMS registration is a must.

Who Needs PMS Registration?

• Professionals or entities managing client funds above ₹50 lakhs
• Boutique wealth management firms or family offices
• NBFCs or fintech firms offering personalized asset allocation services
• Registered Investment Advisers scaling up to discretionary PMS

If you're managing client assets directly and tailoring portfolios to their needs, SEBI mandates PMS registration.

Benefits of SEBI PMS Registration

Manage Large Portfolios Legally & Flexibly- Design discretionary or non-discretionary investment strategies tailored to clients with ₹50L+ investable assets.

Operate Within a Secure Regulatory Framework- SEBI registration offers credibility and protection for both the manager and the investor, building long-term trust.

Gain HNI Clientele & Grow AUM- With legal status and transparency, you can scale your business and attract ultra-HNI clients, corporates, and institutions.

Market & Promote PMS Services- Once registered, portfolio managers can market their offerings, making it easier to attract clients through digital and traditional channels.

Build a Professional & Scalable Wealth Practice- With a licensed setup and strong compliance foundation, you lay the groundwork for a full-fledged asset management or family office firm.

Eligibility Criteria for Portfolio Manager Application:

• Professional qualification in finance, accountancy, law, or business management from a recognized Indian or foreign university.
• Minimum 10 years of experience in securities market-related activities (e.g., stockbroker, portfolio manager, fund manager).
• Must hold the CFA charter from the CFA Institute.
• Must fulfill capital requirement of ₹2 Crores.
• Should have adequate infrastructure (manpower, office space, and equipment).
• Must disclose any disciplinary actions, litigation, or past rejections.
• Must qualify as a fit and proper person under SEBI guidelines.

SEBI Registered Research Analyst (RA)

With the rapid rise of digital investing, content-driven financial platforms, and market influencers, there's an increasing demand for accurate, ethical, and well-researched investment insights. However, under the SEBI (Research Analyst) Regulations, 2014, any individual or entity involved in providing public investment research or securities recommendations must be registered with SEBI as a Research Analyst (RA).

If you publish research reports, offer stock tips, or operate a financial content platform or advisory business—RA registration is mandatory for compliance and credibility.

Who Needs SEBI RA Registration?

• Individuals writing/publishing equity, commodity, or debt market research
• YouTubers, influencers, and bloggers sharing stock market recommendations
• Financial portals, apps, or media platforms offering research-based content
• Independent analysts providing buy/sell/hold calls publicly
• Firms employing analysts to prepare client-facing research reports

If you influence investment decisions through published content or personalized insights, you are legally required to be SEBI registered as a Research Analyst.

Benefits of Becoming a SEBI-Registered Research Analyst

Legally Publish Investment Research- Operate with confidence while writing or speaking about markets and securities, knowing your content is SEBI-compliant.

Earn Trust & Credibility- Being a SEBI-registered analyst builds legitimacy with investors, clients, platforms, and regulators, helping you stand out from unregistered influencers.

Expand Your Reach Through Multiple Channels- Once registered, you can publish research and views on your website, social media, fintech platforms, or financial media outlets—legally.

Revenue Opportunities- Monetize your research through subscription models, partnerships, or advisory tie-ups with licensed intermediaries.

Stay Protected Under Regulatory Framework- Avoid legal risks, show professional conduct, and operate under clear guidelines, protecting both your business and your audience.

Eligibility Criteria for SEBI Research Analyst Registration

• Must have a PG degree/diploma or professional qualification in finance, commerce, economics, business, or related fields
• Alternatively, a PG program in Securities Market from NISM (min. 1 year) qualifies
• Graduates with 5+ years of experience in financial markets are also eligible
• NISM certification for research analysts is mandatory
• Certification remains valid unless cancelled or suspended
• Net worth = paid-up capital + free reserves – accumulated losses
• A CA-certified net worth certificate (not older than 6 months) is required at application
• Individuals/partnership firms need net tangible assets > ₹1 lakh
• Body corporates/LLPs need a net worth ≥ ₹25 lakh

Why Choose Us?

End-to-End Registration Support

From eligibility checks to final approval, we handle the entire SEBI/AMFI process for you.

Expert Compliance Team

Work with experienced legal and financial professionals who know the regulator inside out.

Fast & Hassle-Free Processing

Our streamlined system ensures faster turnaround with minimal follow-ups.

Multi-Service Expertise

Whether it’s RIA, RA, PMS, or AMFI—we cover all advisory registrations under one roof for seamless expansion.

Trusted by Industry Professionals

Join a network of RIAs, RAs, PMS firms, and MFDs who trust us to power their compliance.

Post-Registration Support

Stay compliant post-registration with audit support, reporting, and advisory services.

 

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