Investment Advisers
Integrated module covering risk profiling, suitability, fee, segregation and records.
risk profiling, suitability, fee, segregation and records8 control pages
Reviewed by Ravi Sisodia · Last reviewed 25 July 2026
What this module covers
Investment Advisers (IAs) are registered and regulated under the SEBI (Investment Advisers) Regulations, 2013 (last amended 25 November 2025), which require every adviser to complete a documented risk-profiling exercise for each client and build advice that is genuinely suitable to that profile, not a generic recommendation. A 2020 amendment tightened the model further by introducing fee caps, mandatory written advisory agreements, and a requirement that non-individual advisers offering both advisory and distribution services keep the two segregated at the client level (and, at group level, between the advisory and distribution arms) so an adviser is never earning distribution commission on the same client relationship it advises. Advisers must retain KYC, risk-profiling, advice-rationale, agreement and fee records, and client communications, for a minimum of five years.
The 8 control pages below turn this framework into operational checkpoints — confirming registration and the advisory-vs-distribution segregation model (P-01) through to inspection-readiness (P-08) — covering risk-profiling documentation, suitability testing, fee-cap compliance and the five-year record-retention obligation.
Control pages
Governance and responsible persons
Onboarding, eligibility and due diligence
Funds, securities, custody and segregation
Valuation, pricing, fees and conflicts
Disclosure, reporting and website
Complaints, defaults and investor protection
Inspection, enforcement and evidence
Official sources
Current law status: the Investment Advisers Regulations are in force as of this review date, last amended 25 November 2025. Verify for further amendments before relying on this page for a live compliance decision.