Deposit and threshold review
The deposit you hold follows the largest number of clients you had on any day last year. When that number crosses a slab, the deposit has to move by 30 April. We recompute it every year and flag the other triggers at the same time.
Research Analysts and Investment Advisers.
To see when this and your other duties fall due, use the free compliance calendar.
- The deposit is set by the maximum number of clients on any day of the previous financial year. Up to 150 clients is Rs 1 lakh. 151 to 300 is Rs 2 lakh. 301 to 1,000 is Rs 5 lakh. Above 1,000 is Rs 10 lakh.
- It is held with a scheduled bank and lien-marked in favour of the BSE administration body.
- If the slab changes, the deposit is revised by 30 April of the next financial year.
- An individual Investment Adviser who goes past 300 clients at any time, or Rs 3 crore of fees in a financial year, whichever comes first, must apply for in-principle registration as a non-individual adviser.
- The annual audit and the 31 October adverse-findings date fall in the same yearly cycle.
- Recompute your deposit slab from your client records for the previous financial year.
- Flag a slab change ahead of 30 April, with the amount to add or release.
- Check the 300-client and Rs 3 crore triggers for individual Investment Advisers.
- Prepare the audit and segregation-certificate paperwork and diarise 31 October.
- Your daily or monthly client counts for the previous financial year.
- Fees collected in the financial year.
- Your current deposit amount and the bank lien letter.
₹9,999 a year
A yearly review. Moving the deposit itself, or a change of structure, is quoted separately on a call.
What counts as a client for the slab?
The maximum number of clients on any day of the previous financial year. We take it from your records during the review.
What if I cross a slab during the year?
The deposit is revised by 30 April of the next financial year, based on the previous year's maximum.
Does the review include the 300-client rule?
Yes, for individual Investment Advisers. If you pass 300 clients or Rs 3 crore of fees, you apply for in-principle registration as a non-individual adviser. See the individual to company page.
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 circular 2025/105 of 23 July 2025 (FAQs for Research Analysts); SEBI circular 2025/004 of 8 January 2025 (Guidelines for Research Analysts); SEBI FAQs for Registered Investment Advisers, 13 August 2025; SEBI circular 2025/003 of 8 January 2025 (Guidelines for Investment Advisers); SEBI Master Circular for Investment Advisers, 6 February 2026.