SEBI has issued an updated Investor Charter for Investment Advisers to enhance investor protection, transparency, financial literacy and strengthen grievance redressal mechanisms.

The new charter incorporates updates based on:

• Online Dispute Resolution (ODR) platform
• SCORES 2.0 grievance portal
• Revamped complaint reporting format
• Industry consultations with IA Industry Standards Forum (ISF)

IAASB is instructed to ensure all Investment Advisers publish and share the updated Investor Charter during onboarding and through their websites.

This circular supersedes the earlier SEBI circular SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0686 dated December 13, 2021.

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in the right products based on their needs, monitor performance, access reports, and enjoy long-term financial wellness.

• Enter into an agreement with clients including fees & conflict disclosures
• Conduct unbiased risk profiling and suitability assessment
• Annual audit compliance
• Disclosure of complaint status on website
• Provide registration details & SEBI office contacts
• Employ only qualified and certified personnel
• Communicate only through official numbers
• Maintain interaction records with all clients & prospects
• Adhere to Advertisement Code for Investment Advisers
• No discrimination among clients receiving similar services

• Client onboarding and sharing of IA agreement
• KYC completion for clients
• Disclosure of business model, affiliations & compensation
• Disclosure of risk profile and suitability factors
• Conflict of interest disclosures
• Disclosure of usage of Artificial Intelligence tools
• Providing investment advice based on client risk profile
• Maintaining confidentiality of client data
• Providing service timelines and adherence
• Providing caution while advising complex/high-risk products

1. Complaint to Investment Adviser:

IA must resolve grievances within 21 days.

2. SCORES 2.0: https://scores.sebi.gov.in

• First Review — IAASB
• Second Review — SEBI

3. SMART ODR platform: For conciliation/arbitration disputes

Physical complaints to SEBI:

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Bandra Kurla Complex,
Mumbai – 400051

• Right to privacy and data confidentiality
• Right to transparent practices
• Right to fair and equitable treatment
• Right to adequate information
• Right to regulatory disclosures
• Right to be heard and receive timely grievance redressal
• Right to exit service as per agreement terms
• Right to caution notices for high-risk/complex advice
• Right to fair and true advertisements
• Right to accessibility for differently-abled clients

• Deal only with SEBI-registered Investment Advisers
• Verify IA registration certificate
• Pay advisory fees only through banking channels or CeFCoM
• Insist on risk profiling before following advice
• Ask questions and clarify doubts
• Check liquidity, risk and returns before investing
• Read and understand IA agreement
• Remain vigilant about transactions
• Report misconduct or misleading claims to SEBI

• Do not rely on unregistered entities
• Do not give money to IA for investments
• Do not share login credentials of demat/trading/bank accounts
• Do not expect guaranteed returns
• Do not fall for misleading advertisements
• Do not rush into unsuitable investments
• Do not rely only on calls/messages for investment decisions

Data for the month ending: 31 October 2025