Circular MRD/CIR/2026/1560 of the Securities and Exchange Board of India dated 12th July, 2026 on the business of an investment adviser

MRD/CIR/2026/1560

Securities and Exchange Board of India

Mumbai, dated the 12th July, 2026

CIRCULAR

To

All General Managers,

Subject: The business of an investment adviser by investment advisers under the Securities and Exchange Board of India Act, 1992, regarding.

In exercise of the powers conferred by section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the business of an investment adviser by investment advisers.

2. The matter has been examined. Every investment adviser carrying on the business of an investment adviser shall make an application in Form E to the Investor Protection Fund Trust within fifteen days, accompanied by a fee of twenty-five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of an investment adviser is undertaken, and the Investor Protection Fund Trust shall dispose of it within fifteen days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)