Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SEBI certificate, including banking and payment rails.
Get an investment license in India.
Separate SEBI registrations rather than one licence, each under its own regulations: portfolio manager at Rs 5 crore net worth (1 crore is 10 million rupees), investment adviser on a deposit of Rs 1 lakh to Rs 10 lakh by client count (1 lakh is 100,000), stock broker from Rs 1 crore, alternative investment fund at a Rs 20 crore corpus. Foreign ownership is 100% on the automatic route. SEBI's published median approval in 2025-26 was 22 working days for brokers and 15 for advisers - and GIFT City runs a dollar-denominated alternative from USD 75,000.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
India in brief
A register per activity, and a regulator that publishes its clock.
India issues no investment licence; it registers intermediaries one activity at a time. Section 12(1) of the SEBI Act 1992 bars a stock broker, portfolio manager or investment adviser from the market without a certificate of registration, each with its own regulations and floor. A portfolio manager is a body corporate with net worth of not less than Rs 5 crore (regulation 9 of the Portfolio Managers Regulations 2020) and takes no client below Rs 50 lakh. Since 8 January 2025 an investment adviser posts no net worth - a bank deposit under lien of Rs 1 lakh for up to 150 clients, Rs 10 lakh above 1,000, stands in its place. A trading member holds Rs 1 crore and a self-clearing member Rs 3 crore rising to Rs 5 crore, or 10% of client cash balances if higher (Schedule VI). An alternative investment fund needs a Rs 20 crore corpus and Rs 1 crore per investor.
The commercial case is depth, and a clock that is actually published. SEBI's benchmark for a fresh broker registration is 30 days, and its Annual Report 2025-26 prints the medians: 22 working days for stock brokers, 15 for investment advisers, 15 for research analysts. The registers hold 4,721 brokers and 981 investment advisers at 31 March 2026, 470 portfolio managers and 1,526 alternative investment funds a year earlier, in a market of 1,425.90 million people. Foreign ownership is 100% on the automatic route for SEBI-regulated activities (Consolidated FDI Policy, paragraph 5.2.26), subject to the regulator's capitalisation norms. Tax is the cost of entry: 25% or 30% for a domestic company, 22% under section 115BAA, plus surcharge and a 4% cess, and 18% GST on the fees themselves. GIFT City's IFSCA offers the dollar alternative - fund management entities from USD 75,000. We build the file from Mumbai.
Separate SEBI registrations, not one licence: portfolio manager at Rs 5 crore net worth (1 crore = 10 million), investment adviser on a Rs 1-10 lakh deposit (1 lakh = 100,000), trading member from Rs 1 crore, AIF at a Rs 20 crore corpus. Median approval 22 working days for brokers, 15 for advisers.
100% FDI on the automatic route; 25%/30% corporate tax or 22% under section 115BAA, 18% GST on fees; GIFT City from USD 75,000 as the dollar leg. Built end to end from Mumbai.
The two registrations
The Rs 5 crore portfolio manager - or the deposit-based adviser.
SEBI prices by activity: a portfolio manager at Rs 5 crore net worth and Rs 50 lakh minimum clients; an investment adviser on a deposit of Rs 1-10 lakh with no net worth at all. The AIF manager and GIFT City sit beside them - we fix the registration first.
The Rs 5 crore portfolio manager - or the deposit-based adviser.
01 - SEBI PORTFOLIO MANAGER
The discretionary manager
Discretionary and non-discretionary mandates for clients of Rs 50 lakh and up - net worth of not less than Rs 5 crore under regulation 9, a principal officer with five years' experience, a compliance officer and a custodian, Rs 1 lakh to apply and Rs 10 lakh on registration.
Discretionary and non-discretionary mandates for clients of Rs 50 lakh and up - net worth of not less than Rs 5 crore under regulation 9, a principal officer with five years' experience, a compliance officer and a custodian, Rs 1 lakh to apply and Rs 10 lakh on registration.
- ✓Discretionary and advisory mandates
- ✓Rs 5 crore net worth - regulation 9
- ✓Client minimum Rs 50 lakh
- ✓Principal officer, compliance officer, one more
- ✓Rs 1 lakh application · Rs 10 lakh registration
- ✓Custodian mandatory - regulation 26
02 - SEBI INVESTMENT ADVISER
Rs 1-10 lakh deposit, no net worthThe adviser's registration
Paid advice under the Investment Advisers Regulations 2013 - the net worth test replaced on 8 January 2025 by a scheduled-bank deposit of Rs 1 lakh for up to 150 clients, Rs 2 lakh to 300, Rs 5 lakh to 1,000 and Rs 10 lakh beyond, with fees of Rs 2,000 to Rs 15,000 and a median approval of 15 working days.
Advice under the 2013 Regulations on a Rs 1-10 lakh bank deposit instead of net worth, fees of Rs 2,000-15,000, median approval 15 working days.
- ✓Advice under the 2013 Regulations
- ✓Deposit Rs 1 lakh to Rs 10 lakh by clients
- ✓No net worth requirement
- ✓Application Rs 2,000 / Rs 10,000
- ✓Median approval 15 working days
- ✓Conversion above 300 clients or Rs 3 crore fees
Rupee figures per the SEBI regulations and circulars cited, as amended to 2025-26. SEBI adds 18% GST to its fees; the broker application fee is confirmed with the exchange before filing.
Why India
Six reasons managers register with SEBI.
The pool is the argument; the published clock and the automatic FDI route are what make it workable.
✓
1,425.90 million people
The projected 2026 population - the domestic pool that 4,721 brokers and 981 advisers serve, and that no offshore licence reaches.The pool itself.
✓
A clock SEBI prints
Median approval of 22 working days for brokers and 15 for advisers in 2025-26, against a 30-day benchmark - published, not promised.22 and 15 working days.
✓
100% FDI, automatic
Foreign investment in SEBI-regulated activities needs no approval under paragraph 5.2.26 of the FDI Policy - only the regulator's capital norms.Automatic route.
✓
Floors you can read
Rs 5 crore for a portfolio manager, a Rs 1-10 lakh deposit for an adviser, Rs 1 crore for a trading member - fixed net worth, no K-factors.Fixed net worth, no K-factors.
✓
GIFT City beside it
IFSCA registers fund management entities in dollars from USD 75,000, with dividends from an IFSC unit taxed at 10% - the offshore leg inside the country.Dollar leg from USD 75,000.
✓
The tax warning
25-30% corporate tax plus surcharge and cess, 20% on dividends to non-residents, 18% GST on the fees - India is bought for its market, not its rate.Bought for market, not rate.
How it compares
How India differs from other routes.
The honest comparison: the deepest domestic pool in the region, bought at full-rate tax - against dollar centres with lower floors and no Indian retail.
India vs other jurisdictions
| Feature |  India | Other jurisdictions |
|---|---|---|
| Regime | SEBI registrations per activity | Single FSP - ADGM, DIFC |
| Capital | Rs 5 crore PM · Rs 1-10 lakh IA deposit | US$250k ADGM 3C · US$500k DIFC 3C |
| Scope | Domestic market, no passport | Offshore centres, no onshore retail |
| Timeline | Median 22 days brokers · 15 IAs | No published clock ADGM · 6-10 months DIFC |
Regime
IndiaSEBI registrations per activity
Other jurisdictionsSingle FSP - ADGM, DIFC
Capital
IndiaRs 5 crore PM · Rs 1-10 lakh IA deposit
Other jurisdictionsUS$250k ADGM 3C · US$500k DIFC 3C
Scope
IndiaDomestic market, no passport
Other jurisdictionsOffshore centres, no onshore retail
Timeline
IndiaMedian 22 days brokers · 15 IAs
Other jurisdictionsNo published clock ADGM · 6-10 months DIFC
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| India | SEBI portfolio manager / adviser | 25% / 30% · 22% optional | Rs 5 crore PM · Rs 1-10 lakh IA deposit |
 Pakistan | SECP securities broker · NBFC AMC | 15% dividend WHT · CIT confirmed per case | PKR 15M trading only · PKR 75M self-clearing |
 Abu Dhabi | FSRA FSP - Cat 3C / 4 | 9% · 0% qualifying | US$250k 3C · US$50k Cat 4 |
| Dubai | DFSA Cat 3C / 4 | 9% · 0% qualifying | US$500k 3C · US$10k Cat 4 |
IndiaLicense typeSEBI portfolio manager / adviser
Taxation25% / 30% · 22% optional
RequirementsRs 5 crore PM · Rs 1-10 lakh IA deposit
PakistanLicense typeSECP securities broker · NBFC AMC
Taxation15% dividend WHT · CIT confirmed per case
RequirementsPKR 15M trading only · PKR 75M self-clearing
Abu DhabiLicense typeFSRA FSP - Cat 3C / 4
Taxation9% · 0% qualifying
RequirementsUS$250k 3C · US$50k Cat 4
DubaiLicense typeDFSA Cat 3C / 4
Taxation9% · 0% qualifying
RequirementsUS$500k 3C · US$10k Cat 4
Before you apply
Requirements for the SEBI registration.Requirements for registration.
SEBI registers a body it can measure - net worth, people, custody. The checklist below is what a passing portal application contains.
01
Indian entity - a body corporate for a portfolio manager (regulation 7); an individual, partnership, company or LLP may register as an investment adviser.
02
Net worth or deposit - Rs 5 crore for a portfolio manager (regulation 9); a Rs 1-10 lakh bank deposit under lien for an adviser (circular of 8 January 2025); Rs 1 crore for a trading member (Schedule VI).
03
Principal officer - professional qualification, CFA or NISM certification, five years' experience including two in portfolio management (regulation 7(2)).
04
Compliance officer and staff - a compliance officer and at least one additional qualified employee for a portfolio manager; NISM certification renewed before expiry for advisers.
05
Fit and proper - integrity, reputation, absence of convictions and financial solvency under Schedule II of the Intermediaries Regulations 2008.
06
Client money - separate client accounts in scheduled commercial banks (regulation 23(4)-(5)) and a mandatory custodian (regulation 26) for a portfolio manager.
07
Client floor - no portfolio management client below Rs 50 lakh (regulation 23(2)); Rs 1 crore per investor and a Rs 20 crore corpus in an AIF (regulation 10).
08
FDI compliance - 100% foreign ownership on the automatic route (FDI Policy paragraph 5.2.26); approval only for investors from land-border countries under Press Note 3 of 2020.
09
Fees with GST - Rs 1 lakh to apply and Rs 10 lakh to register a portfolio manager, Rs 2,000-15,000 for an adviser, plus 18% GST.
10
Exchange route for brokers - the application goes through the exchange, which forwards it within 30 days (Intermediaries Regulations, regulation 3(2)).
01
Body corporate for PM.
02
Rs 5 crore or deposit.
03
Principal officer, 5 years.
04
Compliance officer, staff.
05
Schedule II fit and proper.
06
Client accounts, custodian.
07
Rs 50 lakh client floor.
08
FDI automatic route.
09
Fees plus 18% GST.
10
Brokers via exchange.
Reflects the SEBI regulations as amended to 2025-26 and the Consolidated FDI Policy. Where SEBI publishes no median for an activity, the quote promises none.SEBI regulations as amended to 2025-26.
How it works
From first call to the SEBI certificate.
01
Registration and floor
Which certificate, which net worth or deposit, whether GIFT City runs alongside - fixed in writing first.Floor fixed in writing.
02
Entity and people
Indian company capitalised on the automatic route, principal officer and compliance officer certified.Capitalised, certified.
03
The portal application
Filed complete on the SEBI Intermediary Portal - Rs 1 lakh for a portfolio manager, Rs 2,000-10,000 for an adviser, plus GST.Complete, fees paid.
04
SEBI review
Queries answered on schedule - medians of 22 working days for brokers and 15 for advisers in 2025-26; no median is published for portfolio managers or AIFs.22 / 15 day medians.
05
Certificate and launch
Registration fee paid, custodian and bank live, first mandates onboarded - managing Indian money.Managing Indian money.
Quick facts
RegulatorSEBI
Portfolio managerRs 5 crore net worth
Investment adviserRs 1-10 lakh deposit
Trading memberRs 1 crore
AIF corpusRs 20 crore
FDI100% automatic
Median approval22 days brokers · 15 IAs
Corporate tax25% / 30% · 22% optional
No statute sets a decision period. SEBI's 30-day benchmark and its published medians are the working clock - for portfolio managers and AIFs the regulator prints no median.
On the ground in India
Run from our Mumbai office.
Prifinance - India
Mumbai · India
Mumbai, India
01
Registration strategy
Portfolio manager, adviser, broker or AIF manager - and whether GIFT City fits - decided against the real client book before the entity is built.Certificate per book.
02
The portal file
Net worth certificates, principal officer credentials, custody and client-account arrangements filed complete on the SEBI Intermediary Portal.Complete at filing.
03
People and certification
Principal officer, compliance officer and NISM-certified staff sourced in Mumbai and vetted to Schedule II before filing.Certified, vetted.
04
FDI and launch
Automatic-route capitalisation, bank and custodian onboarding, GST registration - live in the market the day the certificate lands.Live on day one.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in India.
Full-rate taxation for the deepest pool in the region - with the concessional 22% and GIFT City's rates as the levers.
25% / 30% corporate tax
25% for a domestic company with turnover up to Rs 400 crore, 30% above - before surcharge of 7% or 12% and the 4% cess.By turnover, plus cess.
22% under section 115BAA
The optional concessional rate carries a flat 10% surcharge and the 4% cess - the figure we model first for a new licensee.Section 115BAA.
20% on non-resident dividends
Dividends to a foreign company or non-resident are taxed at 20% under section 115A, subject to treaty relief - 10% where paid from an IFSC unit.Non-residents, s. 115A.
18% GST on fees
Goods and services tax applies to SEBI's own fees and to financial services - an adviser's fee income carries it, and so does the registration bill.On fees too.
Foreign company 35%
A branch rather than a subsidiary pays 35% plus 2% or 5% surcharge and cess - the subsidiary is the cheaper vehicle.Subsidiary cheaper.
GIFT City rates
Dividends from an IFSC unit bear 10% rather than 20% - the offshore leg inside the country, modelled per structure.10% IFSC dividends.
Tax summary
Corporate tax25% / 30%
Section 115BAA22% + 10% surcharge
Cess4%
Non-resident dividends20% · 10% IFSC
GST18% on fees
*Figures as of 2026 per the Income Tax Department for AY 2026-27. The Income-tax Act 2025 renumbers sections from 1 April 2026; we cite the numbers the department still prints.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Indian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
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Launch your investment firm in India with expert support.
Full-service assistance - from the Indian company and automatic-route capitalisation to the SEBI certificate, custody and launch - run through our Mumbai office.
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The Indian investment licence, answered.
What licence does an investment manager need in India?+
A SEBI certificate of registration for each activity under section 12 of the SEBI Act 1992 - portfolio manager, investment adviser, stock broker or alternative investment fund - rather than one licence. Each has its own regulations, floor and fee; a firm running several activities holds several certificates.
What capital is required?+
Fixed floors by activity: net worth of not less than Rs 5 crore for a portfolio manager (regulation 9); Rs 1 crore as a trading member, Rs 3 crore rising to Rs 5 crore for self-clearing (Schedule VI); a Rs 20 crore corpus for an AIF; Rs 50 crore for a mutual fund AMC. An adviser posts a deposit instead.
How does the adviser deposit work?+
Since the SEBI circular of 8 January 2025 an adviser keeps a scheduled-bank deposit under lien to the supervisory body instead of net worth: Rs 1 lakh for up to 150 clients, Rs 2 lakh to 300, Rs 5 lakh to 1,000, Rs 10 lakh above. Individuals convert to a company above 300 clients or Rs 3 crore in fees.
How long does SEBI take?+
Its published medians for 2025-26 were 22 working days for stock brokers and 15 for investment advisers and research analysts, against a 30-day benchmark. No statute fixes a period, and SEBI prints no median for portfolio managers or AIFs - a complete portal file is the lever we control.
Can a foreign group own the firm outright?+
Yes - 100% foreign investment on the automatic route for financial services regulated by SEBI (Consolidated FDI Policy, paragraph 5.2.26), subject to the regulator's capitalisation norms. Investors from land-border countries need approval under Press Note 3 of 2020.
What does the AIF route require?+
Registration of the fund itself under the AIF Regulations 2012 in Category I, II or III: a Rs 20 crore corpus, Rs 1 crore per investor, at most 1,000 investors, and a manager holding 2.5% or Rs 5 crore (5% or Rs 10 crore for Category III). Fees: Rs 1 lakh to apply, Rs 5-15 lakh to register, plus 18% GST.
How are Indian investment firms taxed?+
25% or 30% corporate tax by turnover, or 22% under section 115BAA, plus surcharge and a 4% cess; dividends to non-residents at 20% under section 115A subject to treaty; 18% GST on financial services and on SEBI's fees. A foreign branch pays 35%.
What is the GIFT City alternative?+
Registration with the IFSCA as a fund management entity under its 2025 Regulations - Authorised from USD 75,000, Registered Non-Retail at USD 500,000, Retail at USD 1,000,000 per the 2022 schedule - with key persons based in the IFSC and dividends taxed at 10%. It is a separate offshore regime, not a route to Indian retail.
India or Abu Dhabi for a new firm?+
Different prizes: India is the domestic pool - 1,425.90 million people reachable only through SEBI registration - at 25-30% tax; ADGM licenses asset management at US$250,000 and advising at US$50,000 under 9% tax with a 0% qualifying rate, and touches no Indian retail. Building for Indian clients, register in Mumbai; raising from the Gulf, start in ADGM. We model both.
Why Prifinance for India?+
We choose the certificate against your real client book, capitalise the company on the automatic route, and file a complete portal application with the principal officer and custodian already in place - run from our Mumbai office with Dubai behind it for the GIFT City and Gulf legs.
What licence?+
SEBI certificate per activity.
Capital?+
Rs 5 crore PM.
Adviser deposit?+
Rs 1-10 lakh by clients.
How long?+
22 / 15 working days median.
Foreign ownership?+
100% automatic.
AIF?+
Rs 20 crore corpus.
Taxes?+
25-30% · 22% option.
GIFT City?+
USD 75k dollar leg.
Or Abu Dhabi?+
Pool vs 9% rate.
Why you?+
Certificate chosen to the book.
Client notes
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Founders who wanted it done right.
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