Find a SEBI-Registered Investment Advisor in India (Guide)

Finding a trustworthy investment advisor in India shouldn’t feel like decoding fine print and dodging sales pitches. Yet most investors face influencer noise, distributor commissions hidden inside “regular” plans, and confusing titles that sound official but aren’t licensed to advise. If you want conflict-free guidance, you need a SEBI-registered Investment Adviser (RIA) you can verify, compare, and hold to fiduciary standards—and a simple way to get there.

This guide gives you a clear, step-by-step path. You’ll define your goals and scope, understand who is legally allowed to advise (RIA vs distributor vs broker vs research analyst), choose a transparent fee model that aligns with SEBI rules, and build a shortlist from credible sources. Then you’ll verify each adviser’s registration and track record, screen for fit and communication style, evaluate their advice methodology and data security, and compare total costs—including what you save by using direct plans. We’ll also show you how onboarding and execution work, common red flags, and where AI-powered advisory platforms can add value at lower cost.

By the end, you’ll have the tools, directories, checklists, and questions to confidently select a SEBI-registered adviser—human or AI-enabled—who aligns with your goals, risk, and budget, and a decision framework you can revisit as your life and portfolio evolve.

Step 1. Clarify your goals, budget, and the scope of advice you need

Before you try to find an investment advisor, get crisp on what success looks like for you. A SEBI-registered investment advisor can tailor advice only if you define your outcomes, timelines, risk, and how much you’re willing to pay for ongoing guidance. Capture this on a single page you can share in discovery calls.

Goals and amounts: Retirement corpus, home down payment, child’s education, early financial independence.
Time horizons: Near (<3 years), medium (3–7 years), long (>7 years).
Risk reality: Ability (income stability, emergency fund) vs willingness (comfort with volatility).
Cash flows: Investable corpus today and monthly SIP capacity.
Constraints: Tax bracket, debt EMIs, ESOP/RSU concentration, liquidity needs.
Budget and scope: Annual fee ceiling in ₹; one-time plan vs ongoing review; portfolio construction, rebalancing, and coordination on taxes.

This clarity will drive your shortlist, fee model, and adviser fit in the next steps.

Step 2. Know who is qualified to advise you in India (RIA vs distributor vs broker vs research analyst)

Titles can mislead; registrations don’t. If you want personalized, conflict-free advice, you must find a SEBI-registered Investment Adviser (RIA) you can verify. SEBI publishes a public list that displays the adviser’s name and registration number (e.g., “INA…”). Distributors, brokers, and research analysts play different roles—useful, but not the same as a fiduciary adviser obligated to act in your best interest.

SEBI-registered Investment Adviser (RIA): Licensed for client-specific advice; identifiable by an “INA…” registration; charges advice fees.
Distributor/MF agent: Paid via product commissions in “regular” plans; focuses on sales/execution, not fiduciary advice.
Broker/stockbroker: Primarily executes trades; may offer tools or research, but is not a fiduciary adviser.
Research analyst: Licensed to publish research/recommendations; not authorized for personalized, fee-based advice.

Next, align the adviser’s fee model with SEBI norms and your budget.

Step 3. Choose a fee model that aligns with SEBI rules and your situation (flat vs AUA; no commissions)

Your fee choice determines incentives. Under SEBI IA Regulations, RIAs must provide advice for a transparent fee and avoid distributor commissions. When you find an investment advisor, pick a structure you can budget for and that preserves independence, then get it documented in the agreement and invoice.

Flat fee (fixed ₹): Predictable; great if you want conflict-free, goal-based planning. Common among “fee-only, flat-fee” planners who don’t earn commissions.
AUA-based (% of Assets Under Advice): Scales with portfolio; ensure it applies only to assets actually under advice and that deliverables and review frequency are explicit.
No commissions: Personalized advice should not be paid by product manufacturers; choose direct plans to avoid embedded distributor payouts.

Total cost (direct) = Advice fee + Fund TER (direct plan) Total cost (regular) = Fund TER (regular plan with embedded commissions) Your net saving ≈ (Regular TER – Direct TER) – Advice fee

Shortlist advisers whose pricing is simple, written, and easy to compare apples-to-apples in rupees per year.

Step 4. Build your shortlist from official and credible sources

Start at the source. To find investment advisor options you can trust, begin with SEBI’s own public list of registered Investment Advisers and then add a few vetted, fee-only options. Capture each candidate’s name, INA number, city, fee model, and specialization in a simple tracker so comparisons stay objective.

SEBI public list: Search the regulator’s website for SEBI-registered Investment Advisers (look for “INA…”). Note status, validity, and entity type.
Fee-only directories: Use credible community lists that feature SEBI-licensed, commission-free planners (e.g., Fee Only India) to surface flat-fee specialists.
Referred professionals: Ask trusted CAs/CFPs and experienced peers for RIAs they use and why.
AI-enabled SEBI RIAs: Include platforms that clearly disclose their INA, use direct plans, and publish transparent pricing and deliverables.
Exclude unregulated sources: Ignore Telegram/WhatsApp tipsters, influencer picks, and anyone unwilling to share their INA and fee terms in writing.

Aim for 5–8 names before you move to verification.

Step 5. Verify SEBI registration details and status for each adviser

Before you hire anyone, confirm they are a SEBI-registered Investment Adviser and that their license is active. This protects you from tipsters and product sellers posing as fiduciaries. Do not proceed until the adviser’s brand, legal entity, and INA number match what appears on SEBI’s public list of Investment Advisers.

Collect the INA: Ask the adviser to share their SEBI registration number (IA numbers typically start with “INA”) and the exact legal entity name.
Cross-check on SEBI’s public list: Search the SEBI website for Investment Advisers and verify the legal name, INA, registration date/validity, city, and current status. If anything is mismatched or the status isn’t current, pause.
Match contact details: Ensure the email, phone, and address on SEBI’s listing align with what’s on the adviser’s website, proposal, and invoice.
Confirm role clarity: If they share a Research Analyst number (often starts with “INH”), note that it does not authorize personalized advice. For individualized advice, you need a valid INA.
Get documents in writing: Request a proposal and client agreement that clearly show the legal name, INA, fee schedule, scope, and grievance contact. Invoices should quote the INA.
Obtain a conflict statement: Ask for a written confirmation that they don’t receive distributor commissions on your investments and that you’ll use direct plans where applicable.
Keep evidence: Save screenshots/PDFs of the SEBI listing and all documents for your records.

Once the registration and status check out, you can screen for fit and specialization with confidence.

Step 6. Screen for fit: experience, specialization, and communication

With registration verified, “fit” determines outcomes. The right RIA for a salaried professional with SIPs and ESOPs may be different from one focused on NRI or HNI complexity. Use a short discovery call to see how they think, explain, and plan—before you find investment advisor options that look similar on paper but work very differently in practice.

Experience with clients like you: Ask for examples of plans built for salaried Indians, equity-heavy portfolios, ESOP/RSU concentration, or retirement planning—whatever matches your needs.
Specialization and philosophy: Prefer clear, goal-based asset allocation, periodic rebalancing, tax-aware execution, and use of low-cost direct plans. Avoid stock tips and trading calls masquerading as “advice.”
Communication cadence: Clarify who you’ll interact with (principal adviser, team, or AI Relationship Manager), meeting frequency, turnaround times, and report formats. Language comfort matters—many planners explicitly list Hindi/Tamil/Kannada/etc.
Scope and boundaries: Confirm what’s included (planning, portfolio construction, monitoring) and excluded (execution via distributor, product sales). Get deliverables and service levels in writing.
Decision clarity: Request a sample plan outline or redacted review report to judge depth, simplicity, and rationale.

Once the fit is clear, compare fees and your true total cost versus regular-plan commissions.

Step 7. Compare fees and total cost of ownership versus distributors’ hidden commissions

When you find investment advisor candidates, compare the all-in cost you’ll pay each year, not just the sticker fee. With RIAs, you typically use direct plans and pay a transparent advice fee. With distributors, you buy “regular” plans whose higher TER embeds their commissions. Your decision is simple: pick the model with the lower total cost for the value you need.

Collect costs in writing: Get the RIA’s fee (flat or % AUA) and confirm they use direct plans; ask distributors what you pay via regular-plan TER.
Compare TERs: Note the direct vs regular TER for each fund you hold or will buy; the gap is largely distributor commission.
Do the math: TCO (RIA) = Advice fee + Direct-plan TER

TCO (Distributor) = Regular-plan TER
Apply to your corpus: Multiply by your portfolio value to see rupees per year; then project for 3–5 years to gauge real savings.
Demand proof of independence: RIA invoices should cite their INA and state “no commissions received.”

If the regular–direct TER gap exceeds the RIA fee, the RIA route usually wins on costs and incentives.

Step 8. Evaluate the advice methodology and investment philosophy

Credentials tell you who they are; methodology tells you how your money will be managed. Ask each RIA to walk you through their end‑to‑end process—from discovery and risk profiling to portfolio construction, rebalancing, and reviews—and share a sample plan or redacted report. You’re looking for a disciplined, conflict‑free approach that you can understand, repeat, and measure.

Planning‑first, not product‑first: Written goals, risk capacity vs risk tolerance, and a documented policy for decisions.
Asset allocation discipline: Diversified mix aligned to goals; preference for low‑cost direct plans; no stock tips or trading calls.
Rebalancing rules: Clear calendar/thresholds, with tax‑ and cost‑aware execution.
Implementation clarity: How recommendations are executed, and how advisory is kept separate from distribution.
Monitoring & reporting: Review cadence, progress‑to‑goal tracking, and transparent fee/TER visibility.
Tax and protection integration: Coordination on tax efficiency, emergency fund, and insurance suitability.
Research governance: Sources, approval process, and written rationale for changes; conflicts disclosed in writing.
If AI is involved: Explainability of recommendations, data sources, audit trails, and human escalation SLAs.

Step 9. Check compliance hygiene, documentation, and data security

Great advice is worthless if the paperwork is sloppy or your data isn’t protected. Compliance hygiene shows whether a SEBI‑registered Investment Adviser runs a fiduciary, audit‑ready practice. Ask for documents and processes you can verify in writing, and make sure they never request your brokerage passwords or OTPs.

Signed client agreement: Legal entity + INA, scope, fees, deliverables, termination, grievance contact.
Documented suitability: Risk profiling, goal summary, and written asset‑allocation policy for you.
Conflict disclosure: Clear statement of no commissions; use of direct plans where applicable.
Transparent billing: Dated invoices quoting the INA, fee schedule, and service period.
Record‑keeping & reviews: Meeting notes, periodic reports, and access to your full file on request.
Data security basics: Secure portal/file‑sharing, industry‑standard encryption, 2FA, limited staff access.
Third‑party clarity: Who they share data with (and why), plus consent and retention/deletion policy.
If AI is used: Explainable recommendations, audit trail of changes, and human‑escalation SLAs.

If any of this is missing or evasive, treat it as a red flag and pause.

Step 10. Ask the right questions in your discovery call

A 20-minute discovery call can reveal more than a brochure. Use it to confirm the adviser’s SEBI status, uncover conflicts, and gauge clarity of thinking. Keep your notes structured so you can compare apples-to-apples across everyone you shortlisted when you set out to find an investment advisor.

SEBI registration: What is your INA? Is your status active on SEBI’s public list?
Scope of advice: What’s included (planning, portfolio design, rebalancing, reviews)? What’s excluded?
Fee model: Flat or % of AUA? What’s my rupee cost per year and billing schedule?
Conflicts: Do you receive any commissions? Will I use direct plans?
Methodology: How do you determine asset allocation and when do you rebalance?
Implementation: How are recommendations executed and kept separate from distribution?
Reporting: What will I see each quarter (performance, TERs, progress-to-goals)?
Communication: Who will I work with, turnaround times, and meeting cadence?
Data security: How is my data stored, shared, and protected (2FA, audit trail)?
Fit and proof: Can you share a redacted sample plan/report and 2 client references?
Offboarding: What are termination terms and any refunds for unused period?

Step 11. Run background checks and look for complaints or actions

Before you sign, do a quick “trust but verify.” Even with a valid INA, you want to know if there’s any history of complaints, regulatory actions, or lawsuits. Use the adviser’s exact legal name and INA to keep the search precise, and insist on written disclosures you can file.

Reconfirm SEBI details: Legal name, INA, status, address—everything must match across SEBI’s public list, proposal, agreement, and invoices.
Ask in writing: Any disciplinary action by a regulator or exchange? Any client complaints or lawsuits? Get dates, reasons, and resolutions.
Speak to references: Two recent clients; probe responsiveness, review cadence, and how grievances were handled.
Open‑web scan: Search “<legal name/INA> complaint,” “SEBI order,” “warning,” “fraud,” and review credible news hits.
Check public footprint: Clear team bios, fee disclosures, and no performance guarantees or stock‑tip claims.
Flag mismatches: Different entity names, vague addresses, or reluctance to document anything are red flags.

If the background is clean, you’re ready to understand onboarding, KYC, and execution next.

Step 12. Understand onboarding, KYC, and how execution works with RIAs

A clean onboarding flow tells you how professionally a SEBI-registered Investment Adviser operates. Expect a documented process where advice is contractually separate from execution, your identity is verified, risk and goals are profiled, and you retain full control of money movement and order approvals. RIAs should never ask for your brokerage passwords, OTPs, or blanket Power of Attorney.

Proposal + agreement: Scope, fees, deliverables, termination, grievance contact, and INA clearly stated.
KYC and profiling: PAN, ID/address proof, CKYC check, income/tax bracket, risk capacity vs tolerance, and explicit consent for data use.
Data collection: Portfolio snapshots/CAS, goals, constraints; secure, read‑only sharing options.
Billing: Dated invoice quoting the INA; pay via standard rails (e.g., UPI/NEFT); no product-linked charges.
Execution model: You buy direct plans via your chosen broker/AMC/exchange MF platform; you authorize every transaction; no custody with the adviser.
SIPs and rebalancing: Adviser sends actionable orders; you approve; e‑mandates set by you.
Reporting: Periodic reviews with performance, progress-to-goal, and fee/TER visibility in one place.

Step 13. Switch from regular to direct plans without tax or exit-load surprises

Moving from regular to direct plans lowers ongoing costs but needs careful execution to avoid unexpected taxes or exit loads. Coordinate each move with your SEBI-registered Investment Adviser so the timing, amounts, and schemes line up with your goal plan and cash-flow needs while you keep full control of transactions.

Stop new inflows to regular: Cancel existing SIPs in regular plans; route all new money to direct plans.
Check exit-load windows: Review each scheme’s exit-load period; schedule switches after it ends to avoid charges.
Anticipate tax events: A switch is effectively a redemption plus purchase; plan lot-by-lot exits to manage realized gains.
Stagger over time: Break the move into tranches across months/financial years to smooth taxes and market impact.
Match scheme to scheme: Move within the same scheme’s direct option to preserve your asset allocation.
Minimize time out of market: Align execution so proceeds are promptly reinvested in the direct plan.
Keep records: Save statements showing the change to direct plans and adviser invoices citing their INA for audit clarity.

Step 14. Consider AI-powered advisory platforms for lower cost and 24/7 access

If you want conflict‑free advice that fits a busy schedule, AI‑powered, SEBI‑registered RIA platforms can lower costs while giving you always‑on guidance. Platforms like Invsify blend explainable algorithms with human oversight—think real‑time portfolio tracking, a personalized Wealth Wellness Score, daily audio insights, and multilingual chat with quick human escalation—so you get clarity without sales pressure. The non‑negotiables remain the same: verified registration, transparent fees, direct plans, robust methodology, and strong data security.

Valid INA shown; matches SEBI’s listing and legal entity.
Direct plans only; flat/AUA fee; no commissions or distributor codes.
Explainable recommendations, audit trails; sample plan/dashboard before paying.
Human escalation and grievance details; fast callbacks (e.g., 30‑second).
Secure KYC, encryption, 2FA; never share passwords/OTPs.
Clear execution limits: you authorize every transaction.

Step 15. Use a decision matrix and set a review cadence

Make the choice objective. Create a decision matrix from the criteria that matter most, then score each SEBI-registered Investment Adviser. Weight criteria, rate 0–5, compute a weighted total, and select the top 1–2 for a paid pilot or onboarding. This removes bias when you find investment advisor options that look similar.

Registration & compliance: INA match, active status, documents.
Fees & total cost: Direct plans, rupee clarity, no commissions.
Methodology & fit: Goals, allocation, rebalancing discipline.
Communication & SLAs: Who, cadence, turnaround times.
Security & disclosures: Data controls, records, complaints/history.

Total score = Σ(weight × score) — break ties on cost clarity and independence.

Lock in a review cadence so advice stays aligned:

Quarterly/biannual check-ins; annual strategy reset.
Trigger reviews: job change, large cash flows, allocation drift.
Dashboard hygiene: progress-to-goal, TERs vs fees, next actions.

Step 16. Watch for red flags and common scams

Even with a clean shortlist, stay alert. Most problems show up before money moves: vague registrations, pressure tactics, and anything that hides how they get paid. If something feels off while you find an investment advisor, slow down and verify—then walk away if needed.

No valid INA: Won’t share an INA, or only shares an “INH” (Research Analyst) while offering personalized advice.
SEBI mismatch: Legal name, INA, address, or status doesn’t match SEBI’s public list.
Guarantees or “sure returns”: Claims of fixed or outsized returns, back‑tested cherry‑picking, or screenshots as “proof.”
Commissions disguised: Pushes “regular” plans or refuses a written no‑commission statement; won’t price in rupees per year.
Money control: Requests funds to their account, pooled accounts, blanket POA, or execution without your explicit approval.
OTP/password requests: Asks for broker/MF login, OTPs, or sensitive KYC over chat/email.
Pushy sales: Limited‑time offers, referral pyramids, “pay after profit” tip groups, or WhatsApp/Telegram stock calls.
Paperwork gaps: No client agreement, invoices without INA, missing scope/fees/grievance details.
Affiliate steering: Hard‑sells a specific broker/AMC via their code without a clear benefit to you.
Data risks: No secure portal, no 2FA, or won’t explain data sharing and retention.

If any red flag appears: stop, don’t transfer money or documents, save evidence (screenshots/PDFs), re‑verify on SEBI’s site, and pick another adviser from your shortlist. Your safest signal is transparent paperwork that matches an active INA and uses direct plans with fees stated upfront.

Next steps

You’re ready to move from noise to fiduciary guidance. This week, build a 5–8 adviser shortlist, verify each INA on SEBI’s site, and schedule 2–3 discovery calls. Pick a fee model you can budget for, compare total cost (direct plans + advice fee) versus regular-plan TERs, and choose one adviser for a 3–6 month pilot with clear deliverables and a quarterly review cadence.

Prefer a streamlined path? Consider AI-enabled, conflict‑free advisory with a SEBI‑registered RIA that uses direct plans and transparent pricing. With Invsify, you get a personalized Wealth Wellness Score, real‑time portfolio tracking, daily audio insights, a multilingual conversational RM (with fast human escalation), and a hidden‑fee calculator to quantify what you save by avoiding distributor commissions. Start your shortlist with one option you can verify, understand, and hold accountable—then let disciplined advice compound your outcomes.