Annual compliance audit for SEBI research analysts and investment advisers
Both registrations need an annual compliance audit finished within six months of the financial year end. The report goes to BSE and SEBI within one month, and the status is published on your website. Advisor and analyst rules match.
Want this checked against your own position? We handle the documentation and the filing.
SEBI's circulars require every Research Analyst and Investment Adviser to audit compliance with their regulations once a year. The deadlines run from the end of the financial year on 31 March.
| Step | Deadline |
|---|---|
| Complete the audit | Within six months of the financial year end |
| Submit the report to BSE (IAASB or RAASB) and SEBI | Within one month of the audit report date |
| Adverse findings and action taken | Within one month of the report date and not later than 31 October each year |
| Client-segregation certificate | Obtained within six months of the financial year end |
The client-segregation certificate
An annual certificate from a member of ICAI, ICSI or ICMAI confirms client-level segregation. For a non-individual registrant it comes from the statutory auditor. It forms part of the compliance audit, and it first applied for the financial year ending 31 March 2025.
Publishing the status
The compliance audit status goes on the registrant's website, along with any adverse findings and the action taken, and the report is given to clients. Adverse findings need approval by the individual or the management before they are filed.
Note
31 October is the outer date for adverse findings only. The audit itself is due six months after the year end, which is 30 September for a 31 March year end.
- 1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
- 2.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/003 dated 8 January 2025, Guidelines for Investment Advisers
- 3.SEBI Master Circular for Investment Advisers, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated 27 June 2025
- 4.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
We handle the documentation and filing: Adviser compliance support
Sources read on 28 October 2026. SEBI revises these requirements, so we re-confirm every figure against the current circular before it goes into an application.
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