Client-segregation certificate
Each year a qualified professional has to certify that your advisory or research activity is kept apart from your other activities at client level. The certificate forms part of the compliance audit. We prepare what the certifier needs and line them up.
Research Analysts and Investment Advisers.
To see when this and your other duties fall due, use the free compliance calendar.
- The certificate comes from a member of ICAI, ICSI or ICMAI. A non-individual registrant can also use its statutory auditor.
- It confirms compliance with client-level segregation and is obtained within six months of the financial year end.
- It forms part of the annual compliance audit.
- It first applied for the financial year ended 31 March 2025.
- Prepare the client-level records the certifier will test.
- Brief the ICAI, ICSI or ICMAI member on what the certificate has to confirm.
- Fold the signed certificate into the compliance audit file.
- Diarise the date every year so it is never the last item on the list.
- Your client list and the records that show how each client's services are kept apart.
- Details of any other business or activity you run alongside the registration.
- Your statutory auditor's details, if you are a company or LLP.
Quoted on a call
We scope it against your registration, client count and financial year end, and give you a written price before you pay.
Who signs the certificate?
A member of ICAI, ICSI or ICMAI. For a non-individual registrant it can also be the statutory auditor.
Is it separate from the compliance audit?
It forms part of the compliance audit, but it is a distinct certificate and is obtained within six months of the financial year end.
Which year did it start applying?
The financial year ending 31 March 2025.
Want this taken off your list?
Tell us your registration type and financial year end. We will tell you what we would handle and what we need from you.
Sources: SEBI Master Circular for Research Analysts, 6 February 2026; SEBI Master Circular for Investment Advisers, 6 February 2026; SEBI circular 2025/004 of 8 January 2025 (Guidelines for Research Analysts); SEBI circular 2025/003 of 8 January 2025 (Guidelines for Investment Advisers).