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Home / Stock Broking & Intermediaries / RIA & Research Analyst Compliance Audit
Last updated: 2 October 2026
SEBI-registered Investment Advisers and Research Analysts must have an annual compliance audit completed within six months of the financial year end. Expertvuw prepares the records, checklists and management responses, and coordinates with the independent professional who conducts and signs the audit.
The SEBI (Investment Advisers) Regulations, 2013 and the SEBI (Research Analysts) Regulations, 2014, as amended in December 2024, require an annual audit of compliance with the regulations and SEBI circulars. For advisers this is Regulation 19(3) and for research analysts Regulation 25(3). The audit is completed within six months of the end of each financial year by a member of ICAI, ICSI or ICMAI, and the report is submitted to BSE, the recognised IAASB and RAASB, within one month of the audit report.
The detailed requirements are consolidated in SEBI’s Master Circulars for Investment Advisers and for Research Analysts dated 6 February 2026. They cover qualification and NISM certification, enlistment with BSE, deposits that scale with client numbers, fee limits for individual and HUF clients, client agreements, risk profiling and suitability for advisers, research report disclosures and grievance redressal through SCORES.
Records of client interactions, advice or research rationale and call recordings are to be kept for five years, and longer where a dispute is pending. Most audit observations trace back to these records, so preparation begins well before the auditor’s review.
Based on the regulations and circulars referred to on this page. Last updated: 28 September 2026.
Annual, completed within six months of the financial year end (Regulation 19(3), IA Regulations, 2013).
Annual, completed within six months of the financial year end (Regulation 25(3), RA Regulations, 2014).
A member of ICAI, ICSI or ICMAI (SEBI Master Circulars for IAs and RAs, 6 February 2026).
Filed with BSE as IAASB or RAASB within one month of the audit report date (IA and RA master circulars, 2026).
BSE Limited recognised as IAASB and RAASB for five years from 25 July 2024 (SEBI circular, July 2024).
₹1 lakh to ₹10 lakh depending on client numbers, lien-marked in favour of IAASB or RAASB (Regulation 8, IA Regulations; RA master circular).
Audit observations usually arise from records and processes rather than from the advice or research itself.
Missing call recordings, advice rationale or research records are among the most common observations.
Fees outside regulatory limits or charged without signed client agreements breach the IA and RA Regulations.
An audit finished after six months, or a report filed late with BSE, is itself a compliance failure.
Related services.
SEBI registration as an Investment Adviser, including BSE enlistment.
SEBI registration for individuals and entities publishing research.
Handling client complaints on SCORES within the 21-day timeline.
Support where past non-compliance leads to SEBI proceedings.
We confirm the registration type, business model and changes in rules since the last audit.
A checklist mapped to the regulations and master circular is shared with the entity.
Records are sampled and gaps flagged so they can be addressed before the audit.
An independent ICAI, ICSI or ICMAI member appointed by the entity conducts and signs the audit.
The entity files the audit report with BSE within one month of the report date.
Observations are tracked to closure with evidence retained for the next audit or inspection.
The audit tests a year of practice, so the same controls need to run continuously.
Client interaction, advice or research records are kept for five years, and until any dispute is resolved.
NISM certifications of the adviser, analyst or principal officer are renewed within the periods set in the master circulars.
The deposit is aligned each year to the maximum number of clients in the previous financial year.
Client complaints on SCORES need an Action Taken Report within 21 calendar days (SEBI circular, 20 September 2023).
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A member of ICAI, ICSI or ICMAI, independent of the adviser or analyst. Expertvuw does not sign the audit; it prepares records and checklists and coordinates with the professional the entity appoints.
The audit is completed within six months from the end of the financial year, and the report is submitted to BSE, as IAASB or RAASB, within one month of the date of the audit report.
Yes. The master circulars require the audit to address compliance with the regulations and the circulars issued under them, including those consolidated in the February 2026 master circulars.
BSE Administration & Supervision Limited (BASL) is the BSE subsidiary through which adviser membership was earlier administered. SEBI has since recognised BSE Limited as IAASB and RAASB from 25 July 2024, and enlistment and audit submissions now go to BSE.
Expertvuw provides compliance support, documentation and coordination. It is not an Investment Adviser or Research Analyst and does not issue audit reports; the audit is carried out by independent licensed professionals.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.