What is MITC and how do clients consent to it?
The Most Important Terms and Conditions are a standard set every IA and RA gives a client. Consent can be signed in person or by DigiLocker Aadhaar e-signature. Institutional investors get disclosure without a consent signature.
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MITC means the Most Important Terms and Conditions. An investment adviser's advisory agreement must include them. A research analyst must disclose them and take the client's consent before any service or fee. Consent can be signed in person or by DigiLocker Aadhaar e-signature.
Who sets the text
The MITC is standardised by the industry standards forum together with IAASB or RAASB and SEBI. You do not draft your own. You present the standard terms and keep proof that the client received them.
Consent, step by step
- Disclose the MITC to the client before any service is rendered or fee charged.
- Take consent in person, or in any legally acceptable mode, including the DigiLocker Aadhaar e-signature facility.
- Keep the signed record with your client records.
Institutional investors
For institutional investors and qualified institutional buyers, MITC consent is not mandatory. Disclosure to them still is.
Where it shows up on your website
The MITC is one of the items we place on a registrant's functional website under regulation 19A, next to the compliance audit status and the AI-use disclosure. The related website page lists them.
- 1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105 dated 23 July 2025, FAQs for Research Analysts
- 2.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
- 3.SEBI Master Circular for Investment Advisers, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated 27 June 2025
- 4.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/003 dated 8 January 2025, Guidelines for Investment Advisers
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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