MITC and client agreement
Before a client pays you anything, the Most Important Terms and Conditions have to be in front of them. For an Investment Adviser they sit inside the advisory agreement. For a Research Analyst they are disclosed and the client's consent is taken first. We draft both.
Research Analysts and Investment Advisers.
To see when this and your other duties fall due, use the free compliance calendar.
- An Investment Adviser's advisory agreement must include the Most Important Terms and Conditions, standardised by the industry standards forum with the BSE administration body and SEBI.
- A Research Analyst must disclose the terms and take the client's consent before rendering any service or charging any fee.
- Consent can be signed in person or by any legally acceptable mode, including Aadhaar e-signature through DigiLocker.
- Consent is not mandatory for institutional investors and QIBs, but the disclosure to them still is.
- The MITC is also surfaced on your website, so clients have a fixed place to read it.
- Draft the client agreement with the MITC included, for your service and fee model.
- Draft the consent wording and the e-signature step for Research Analysts.
- Set the MITC page on your website and point the agreement to it.
- Supply the fee schedule and record-keeping templates that go with it. These sit in the Adviser Documentation Pack.
- Your registration type and the services you sell, with how you charge.
- Your client categories, including any institutional clients.
- Your existing agreement or consent form, if you have one.
₹24,999
Adviser Documentation Pack: the client agreement with MITC, fee schedule, risk-profiling forms for IAs, conflict and disclosure policies, record-keeping templates, and for RAs the trading-restriction policy and model-portfolio factsheet template.
Is the MITC the same for RAs and IAs?
The content is the standardised MITC. It sits inside the advisory agreement for an IA. A Research Analyst discloses it and takes consent before any service or fee.
Do institutional clients have to sign the consent?
Consent is not mandatory for institutional investors and QIBs, though the disclosure to them still is.
Can clients accept it online?
Yes. Consent can be given by any legally acceptable mode, including Aadhaar e-signature through DigiLocker.
What else does the Documentation Pack include?
The fee schedule, risk-profiling forms for IAs, conflict-of-interest and disclosure policies, record-keeping templates, and for RAs the trading-restriction policy and model-portfolio factsheet template.
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 Master Circular for Research Analysts, 6 February 2026; SEBI Master Circular for Investment Advisers, 6 February 2026; SEBI circular 2025/003 of 8 January 2025 (Guidelines for Investment Advisers).