SEBI Periodic Reporting for Investment Advisers: IAASB Returns and Compliance Workflow
- August 18, 2026
- Posted by: Kunal Singla
- Category: advisory
SEBI-registered IAs must file periodic returns with IAASB covering client counts, fee collection, complaint status and audit compliance. IAASB specifies the reporting format in consultation with SE…
Quick Answer
Investment adviser periodic reporting is the formal communication channel through which registered IAs demonstrate ongoing compliance with SEBI’s IA framework to IAASB. The periodic reports cover the IA’s operational and compliance status across multiple dimensions, giving IAASB a data-driven view of the IA segment’s health and adherence to regulatory requirements.
IAASB specifies the format and frequency of investment adviser periodic reporting in consultation with SEBI. The format was updated by a SEBI circular in May 2024. Registered IAs should always verify the current format at the IAASB portal before preparing each submission, as formats can be updated by subsequent circulars.
This guide explains investment adviser periodic reporting requirements, what the reports cover and how to maintain a compliant reporting workflow.
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What Periodic Reports Must Cover
Investment adviser periodic reporting covers several operational and compliance data points: the number of individual and non-individual clients served during the reporting period, total fee revenue collected from clients during the period, current deposit amount and whether it meets the applicable slab, status of the annual audit (completed, in progress or pending), complaint status (number of complaints received, resolved and pending) and NISM certification status for the principal officer and all PAIAs. Some reporting formats also require details of any regulatory actions during the period.
IAASB’s Role in Setting the Format
IAASB prescribes the investment adviser periodic reporting format in consultation with SEBI. The format was substantially updated by a SEBI circular issued in May 2024, which revised the data points collected and the submission mechanism. Registered IAs should verify the current reporting format directly at the IAASB portal before each submission period, as formats may be further updated by circulars issued after August 2026.
| Reporting Data Point | Frequency |
|---|---|
| Client count (individual and non-individual) | Per periodic return |
| Fee revenue collected | Per periodic return |
| Deposit adequacy | Per periodic return |
| Annual audit status | Per applicable reporting period |
| Complaint status | Per periodic return |
| PAIA certification status | Per periodic return |
Submission Timeline and Non-Compliance Consequences
The submission timeline for investment adviser periodic reporting is specified by IAASB in the current reporting framework. Registered IAs should maintain a reporting calendar with the submission deadline for each reporting period and initiate data collection well in advance of the deadline. Late submission or non-submission of periodic reports can result in compliance notices from IAASB and may affect the IA’s compliance record, which is assessed during annual audits and regulatory reviews.
Maintaining Data Accuracy for Reporting
Accurate investment adviser periodic reporting requires year-round data maintenance. Client count changes (new onboardings and terminations), fee collection records, complaint logs and PAIA certification records should all be maintained contemporaneously. Reconstructing this data at the end of a reporting period from incomplete records introduces error risk. Registered IAs should implement simple internal tracking systems aligned with the periodic reporting data requirements.
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Conclusion
Investment adviser periodic reporting to IAASB covers client counts, fee revenue, deposit adequacy, audit status, complaint status and PAIA certification. IAASB specifies the format in consultation with SEBI; the format was updated in May 2024. Registered IAs should verify the current format at the IAASB portal before each submission. Late or non-filing results in compliance consequences. Year-round data maintenance significantly reduces the periodic reporting preparation burden.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with official sources before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is investment adviser periodic reporting?
Ans. Investment adviser periodic reporting is the formal submission of operational and compliance data to IAASB by registered IAs. It covers client counts, fee revenue, deposit adequacy, annual audit status, complaint status and NISM certification currency for PAIAs. IAASB specifies the reporting format and submission frequency in consultation with SEBI.
How often do investment advisers need to file periodic reports?
Ans. Investment adviser periodic reporting is relevant here. The filing frequency for investment adviser periodic reporting is specified by IAASB in the current reporting framework. Registered IAs should verify the current frequency (whether quarterly, semi-annual or annual) at the IAASB portal before the submission period, as the format and frequency were updated by a SEBI circular in May 2024.
What data points does the periodic report cover?
Ans. Investment adviser periodic reporting is relevant here. Periodic reports typically cover client count (individual and non-individual), total fee revenue collected, current deposit amount versus the required slab, annual audit status, complaint counts (received, resolved, pending) and NISM certification details for the principal officer and all PAIAs. Some formats may include additional data points as specified by IAASB.
Can IAASB update the reporting format without SEBI circulars?
Ans. Investment adviser periodic reporting is relevant here. IAASB specifies the periodic reporting format in consultation with SEBI. Format updates typically reflect broader regulatory guidance. Registered IAs should check the current format at the IAASB portal before each submission rather than relying on a format used in a previous period, as updates may have occurred since the last submission.
What consequences apply to late periodic reporting?
Ans. Late submission or non-submission of periodic reports can result in compliance notices from IAASB and may affect the IA’s compliance record. Persistent non-compliance with reporting requirements can escalate to regulatory action affecting the IA’s registration status. Registered IAs should maintain a reporting calendar with IAASB deadlines.
How should an IA prepare for periodic reporting?
Ans. Registered IAs should implement year-round data tracking for all periodic report data points: maintaining contemporaneous client count records, fee collection logs, complaint registers and PAIA certification records. Reconstructing historical data at the submission deadline from incomplete records introduces accuracy risk and increases preparation burden.
