India has fewer than 1,000 SEBI-registered Investment Advisers (RIAs) serving a country of 140 crore people and over 20 crore investors. Against that, thousands of unregistered financial content creators, social media tipsters, and commission-linked distributors call themselves financial advisers or wealth managers.
The gap between regulated advice and what most investors actually receive is significant. Choosing an RIA over an unregistered adviser is the first right decision. But choosing the right RIA for your specific situation requires a further set of steps.
This post gives you a practical, step-by-step framework to find, verify, and evaluate a SEBI-registered Investment Adviser in India before you commit to working with one.
Key Takeaways
• India has approximately 967 to 988 SEBI-registered RIAs serving over 20 crore investors as of mid-2026. This is one of the smallest ratios of regulated fiduciary advisers to investors of any major market.
• Verifying SEBI registration is the first step. Anyone providing personalised investment advice without SEBI RIA registration is doing so illegally.
• An RIA earns fees from the client only. A mutual fund distributor earns commissions from the AMC. This is the most important structural difference for the investor.
• Choosing an RIA is not just about credentials. It is about whether their process, fee structure, service scope, and communication style match what you actually need.
• The right RIA for a salaried professional planning for retirement is different from the right RIA for a business owner doing complex estate and tax planning.
Step 1: Verify the SEBI Registration First
This is the non-negotiable starting point. Before evaluating any person or firm that claims to offer investment advice, confirm they are registered with SEBI as an Investment Adviser.
- Go to sebi.gov.in. Navigate to: Intermediaries / Market Infrastructure Institutions. Select Registered Entities. Choose Investment Adviser from the category list.
- Search by the person’s full name or firm name. A valid registration shows: the registration number (beginning with INA for individual or INH for non-individual), the date of registration, and the current status (whether it is active).
- Note the registration number and check that it belongs to this specific person or firm. A common fraud technique is displaying someone else’s registration number. Cross-verify the name and number match.
- Check SEBI SCORES (scores.sebi.gov.in) for any complaints filed against the adviser. SCORES is SEBI’s online complaint redressal system. A clean record is not a guarantee, but complaints are a red flag.
If the person cannot provide a SEBI RIA registration number, or if their name does not appear in the SEBI registered entities database, they are not a registered Investment Adviser. Stop the process here. Unregistered investment advice is illegal and SEBI has been actively enforcing against unregistered finfluencers and advisers since 2023.
Step 2: Confirm the Business Model
A SEBI Registered Investment Adviser earns fees from the client only. This is the fiduciary model. It means the adviser’s revenue depends on the quality of advice they provide to you, not on which products they sell you.
Before your first call, confirm:
- How are you paid? The answer should be: fee from the client only. AUA mode (up to 2.5 percent of Assets Under Advice per annum per family) or fixed fee mode (up to Rs. 1,51,000 per annum per family as of 2025).
- Do you receive any commissions from AMCs, insurance companies, or any product manufacturer? The answer for a pure RIA must be: no.
- Are you also a mutual fund distributor (AMFI ARN holder)? If yes, how do you segregate the two roles? SEBI requires strict segregation of RIA and MFD functions if one entity holds both registrations.
A person or firm that earns commissions from products they place you in has a structural conflict of interest, regardless of how good their advice may be. A pure fee-only RIA has the cleanest alignment with your interests.
Step 3: Understand the Scope of Service
Not all RIAs offer the same scope of services. Some focus narrowly on investment portfolio advice. Others provide comprehensive financial planning covering investments, insurance, tax, estate planning, and retirement.
Before engaging, understand exactly what is included:
| Service Area | Questions to Ask |
| Investment portfolio | Do you advise on direct equity, mutual funds, or both? Do you advise on PMS or AIF products? Will you give specific fund recommendations or only asset allocation guidance? |
| Tax planning | Is tax planning included in the scope? Do you work with a CA for implementation? |
| Insurance | Do you review insurance adequacy as part of the plan? Can you advise on which policies to keep and which to exit? |
| Estate planning | Do you advise on wills, trusts, and nominations? Or do you refer out to legal professionals? |
| Ongoing review | How often do you review the plan? Quarterly, annually, or only when I reach out? |
| Execution | Do you place orders on my behalf or do I execute after receiving advice? RIAs cannot execute without explicit client consent for each transaction. |
Step 4: Evaluate the Adviser’s Process
A SEBI RIA is legally required to conduct a formal risk profiling of every client before providing advice. This covers your financial position, investment goals, time horizon, and risk tolerance. How an adviser approaches this process tells you a lot about their quality.
In your first interaction, observe:
- Do they ask questions before making recommendations? A good RIA listens first. An adviser who tells you what to do before understanding your situation is following a script, not a fiduciary process.
- Do they ask about your complete financial picture, including existing investments, liabilities, insurance cover, and tax situation? Advice based on an incomplete picture is necessarily incomplete.
- Do they explain their reasoning? An RIA should be able to articulate why a specific recommendation fits your situation, not just what to do.
- Do they give you a written investment plan? SEBI requires that advice and agreements are documented. An RIA who only gives verbal advice and no written plan is not compliant with SEBI regulations.
Freefincal’s practical suggestion (October 2025): When evaluating an RIA, request a sample financial plan they have created. Looking at an actual document, even a anonymised one, tells you more about their process than any number of sales calls.
Step 5: Understand and Compare Fees
SEBI has approved two fee models for RIAs:
- AUA mode: Up to 2.5 percent of Assets Under Advice per annum per family of clients.
- Fixed fee mode: Up to Rs. 1,51,000 per annum per family of clients (as of 2025, reviewed every 3 years by IAASB based on Cost Inflation Index).
Within these caps, individual RIAs set their own rates. Fee ranges in India vary widely:
- Boutique individual RIAs: Rs. 20,000 to Rs. 50,000 per year for basic planning.
- Established fee-only advisers with comprehensive services: Rs. 50,000 to Rs. 1,00,000 or more per year.
- AUA-based advisers: 0.5 to 1.5 percent of assets per year, meaning on a Rs. 1 crore portfolio the fee is Rs. 50,000 to Rs. 1,50,000 per year.
Compare fees across 2 to 3 RIAs for similar scope of service. A higher fee is only justified if the breadth of service, the quality of the planning process, and the adviser’s track record in your specific situation warrants it. The cheapest RIA is not always the best choice, but neither is the most expensive.
Step 6: Ask These Specific Questions Before Signing
- What is your SEBI registration number and how do I verify it? Any genuine RIA will give this immediately.
- How do you earn money? Fee from clients only, or do you also receive commissions?
- What is included in the fee? What is not? Are implementation services extra?
- How many clients do you currently serve? A very high number may mean limited personal attention. A very low number may indicate limited experience.
- What happens if I need advice outside the agreed scope? Is there a separate charge?
- How do you handle a situation where my goal and your recommendation conflict?
- What is your process for reviewing my plan and what triggers a review between scheduled meetings?
- What are your NISM certifications and when were they last renewed?
Step 7: The Most Important Quality Check
Beyond credentials and fees, the most important question is: does this adviser understand your specific situation and communicate in a way you can understand and act on?
The best financial plan in the world does not work if you do not understand it, do not trust the person who made it, or cannot follow through on the recommendations. Your first interaction and the first financial plan you receive should make you feel more confident and clearer about your financial direction, not more confused.
If after the first meeting you feel overwhelmed, pressured, or that the adviser is performing a service rather than genuinely engaging with your situation, that is useful information.
Fortune Wealth is an AMFI-registered mutual fund distributor and SEBI-registered firm. We are not an RIA. We help clients access investment products across equity, mutual funds, PMS, AIF, and bonds without charging advisory fees.
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Frequently Asked Questions
How do I find a SEBI-registered investment adviser in India?
Go to sebi.gov.in and navigate to the registered entities section. Search under the Investment Adviser category by name, location, or registration number. SEBI’s list is the only authoritative source for RIA registrations in India. Do not rely on third-party lists, social media profiles, or Google search results alone. Verify directly on the SEBI website before engaging any adviser.
How many SEBI-registered RIAs are there in India?
India has approximately 967 to 988 SEBI-registered Investment Advisers as of mid-2026, serving a country with over 20 crore investors. This is one of the most significant regulatory gaps in India’s financial services ecosystem. The SEBI December 2024 amendment lowered entry barriers (graduate degree qualifies, experience requirement removed) to help expand the RIA pool, but the number remains extremely small relative to the investor base.
What is the difference between a SEBI RIA and a financial planner?
Financial planner is not a protected or regulated title in India. Anyone can call themselves a financial planner without any registration or qualification. A SEBI RIA is a legally defined role with specific qualification requirements (graduate degree, NISM Series XA and XB certifications), a SEBI registration, fiduciary obligations, fee-only model requirements, and ongoing compliance audits. If someone calls themselves a financial planner without being an RIA, they may not have the legal authority to provide personalised investment advice for a fee.
Can a SEBI RIA execute trades on my behalf?
No. Under SEBI regulations, an RIA cannot execute trades on a client’s behalf without the client’s explicit consent for each specific transaction. The RIA provides advice and guidance. You decide whether to act on it and you execute the transaction yourself or instruct your broker to do so. An RIA who is separately registered as an authorised person or distributor may be able to help with execution, but under a strictly segregated function from the advisory role.
How do I know if a SEBI RIA is giving me biased advice?
The structural protection is that an RIA cannot receive commissions from product manufacturers. But within the fee-only model, an RIA can still have biases based on their investment philosophy, familiarity with certain products, or past experience. Look for these signs of unbiased advice: the adviser asks about your complete financial situation before making any recommendations, explains the reasoning behind each recommendation, presents alternatives and their trade-offs, and does not repeatedly push you toward a specific product or asset class regardless of your situation.
What NISM certifications should a SEBI RIA hold?
Under the SEBI December 2024 amendments, SEBI RIAs must hold NISM Series XA (Investment Adviser Level 1) and NISM Series XB (Investment Adviser Level 2) certifications. The CFP (Certified Financial Planner) certification from FPSBI is no longer accepted as a substitute for NISM certifications. Ask any prospective RIA for their NISM certificate numbers and the validity dates. NISM certifications have expiry periods and must be renewed. An expired certification is a compliance violation.
Is it worth paying an RIA fee or should I manage my own investments?
It depends on your situation. Self-managing investments is viable for investors who have the time, interest, and discipline to research, monitor, and rebalance a portfolio, who understand tax implications, and who can make emotionally detached decisions during market volatility. An RIA adds most value when your financial situation is complex (multiple goals, business income, estate planning needs), when you want unbiased guidance from someone with a fiduciary obligation, or when you find financial planning tasks genuinely difficult to complete on your own. The fee is justified if the advice improves your financial outcomes by more than the cost.
