Applicability and definitions
Identify entity, activity and exclusions.
Master Circular for Investment Advisers (2025-06-27)
Reviewed by Ravi Sisodia · Last reviewed 19 July 2026
Paragraph-wise control map for Investment advisers; dated 2025-06-27.
2025-06-27Investment advisersCurrent circular inventory
Paragraph map
Registration and continuing conditions
Map eligibility, capital, fit-and-proper and infrastructure.
Governance and compliance officer
Assign Board, trustee, key-person and compliance responsibility.
Client/investor onboarding
Apply KYC, agreements, risk disclosure and suitability where applicable.
Operational conduct
Map permitted processes, segregation, conflicts and prohibited practices.
Disclosure and reporting
Build periodic/event/transaction filing and website controls.
Inspection, audit and records
Preserve books, system logs, certifications and inspection readiness.
Supersession and circular concordance
Identify consolidated circulars, saved actions and later amendments.
Primary sources & verification — Historical-version alert
Reviewed: 22 August 2026.
SEBI’s current Master Circulars listing includes a newer Master Circular for Investment Advisers dated 6 February 2026. Preserve this 27-June-2025 URL as a historical/versioned resource, but do not label it as the latest IA master circular.
Practical verification checklist
- Link users to the current SEBI circular listing.
- Keep 2025 paragraph references version-labelled.
- Do not rewrite historical content to look like the 2026 instrument.
Primary-source checkpoint
Use the controlling statute, notified rule/instrument, official portal and later authoritative treatment for the relevant date. This page remains an educational/professional reference.
Evidence and verification checklist
- Confirm the current, in-force text governing Master Circular for Investment Advisers (2025-06-27) on the official source linked above - the summary on this page is an implementation aid, not a substitute for it.
- Record the exact event/transaction date, since the applicable version of the law, form or threshold can change between the date of the underlying event and today.
- Preserve the primary documents (notices, applications, orders, acknowledgements) that would let a reviewer reconstruct how the facts were classified and what was actually done.
- Check for a State-specific rule, later amendment or binding judicial decision that may modify how this applies on your facts.
Before relying on this page
This page is a structured implementation summary, not the operative legal text. Portal or process acceptance of a filing does not by itself establish legal compliance - the underlying classification, authority, evidence and timeline still have to be independently correct. Where the facts are contested, high-value, or time-barred if delayed, verify the current position with the official source and, where appropriate, a qualified professional before acting.