Quick summary
Anyone can call themselves a 'financial advisor' in India. Only SEBI-registered Investment Advisers (RIAs) are legally authorised to provide personalised investment advice for a fee. Here's how to verify.
Why SEBI registration matters
Under SEBI (Investment Advisers) Regulations, 2013, providing personalised investment advice for a fee requires SEBI registration as a Registered Investment Adviser (RIA). Without registration, doing so is illegal.
In practice, Bangalore has many 'financial planners', 'wealth managers', and 'investment consultants' who are actually mutual fund distributors. They earn commission from the products they recommend, not a fee from you. This creates a direct conflict of interest: they benefit from recommending higher-commission products, not necessarily the best ones for you.
How to verify a SEBI RIA in Bangalore
Verification takes 2 minutes. Do it before your first meeting.
- Go to SEBI's intermediary portal: sebi.gov.in → Intermediary/Market Infrastructure Institutions → Intermediary Registration
- Alternatively, search by name or registration number at investor.sebi.gov.in
- All SEBI RIAs have a registration number in the format INA000XXXXXX (individual) or INA000XXXXXX (non-individual)
- Ask the advisor directly: what is your SEBI RIA registration number? Any legitimate RIA will provide it instantly
- Verify the registration is current (not cancelled or suspended)
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Find a verified financial advisor in BengaluruFee-only vs commission-based: the Bangalore market
Bangalore has a growing number of fee-only SEBI RIAs. Particularly in the IT corridor (Whitefield, Electronic City, Koramangala) serving tech professionals. These advisors charge a flat fee or percentage of assets under advice, with no product commissions.
Fee-only advisors can recommend direct mutual fund plans (lower expense ratio than regular plans), advise on NPS, EPF strategy, and insurance. Without a conflict of interest.
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