{"id":208633,"date":"2026-08-18T09:56:21","date_gmt":"2026-08-18T04:26:21","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=208633"},"modified":"2026-08-18T09:56:23","modified_gmt":"2026-08-18T04:26:23","slug":"investment-adviser-client-rights","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/","title":{"rendered":"What Client Rights Are Covered in an Investment Adviser Agreement?"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Investment adviser clients have the right to receive services as described in the agreement, be charged only in the agreed fee mode, receive their risk profile in writing, exit the agreement with t&#8230;<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">Investment adviser client rights are the specific protections that SEBI&#8217;s IA framework confers on individuals who enter into a client advisory relationship with a registered Investment Adviser. These rights are both contractual (defined in the client agreement and MITC) and regulatory (defined in SEBI&#8217;s IA Master Circular and associated regulations). Understanding investment adviser client rights helps investors recognise when those rights are not being respected and take appropriate action.<\/p>\n<\/div>\n<p>Investment adviser client rights are process and transparency protections, not outcome guarantees. They do not give clients a right to profitable advice or to returns above a threshold. They give clients the right to a properly documented, transparently priced and fairly terminated advisory relationship.<\/p>\n<p>This guide explains the core investment adviser client rights categories, what each covers and how investors can assert these rights.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=investment-adviser-client-rights\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Service_Rights_What_You_Were_Promised\" title=\"Service Rights: What You Were Promised\">Service Rights: What You Were Promised<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Fee_Rights_Mode_Amount_and_Refund\" title=\"Fee Rights: Mode, Amount and Refund\">Fee Rights: Mode, Amount and Refund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Information_Rights\" title=\"Information Rights\">Information Rights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Termination_and_Grievance_Rights\" title=\"Termination and Grievance Rights\">Termination and Grievance Rights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#What_rights_do_investment_adviser_clients_have\" title=\"What rights do investment adviser clients have?\">What rights do investment adviser clients have?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Can_an_investment_adviser_change_fees_without_client_consent\" title=\"Can an investment adviser change fees without client consent?\">Can an investment adviser change fees without client consent?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#What_is_the_clients_right_if_an_IA_does_not_deliver_promised_services\" title=\"What is the client&#8217;s right if an IA does not deliver promised services?\">What is the client&#8217;s right if an IA does not deliver promised services?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#What_information_is_an_investment_adviser_required_to_provide_to_clients\" title=\"What information is an investment adviser required to provide to clients?\">What information is an investment adviser required to provide to clients?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#Can_a_client_terminate_an_investment_advisory_service_at_any_time\" title=\"Can a client terminate an investment advisory service at any time?\">Can a client terminate an investment advisory service at any time?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/investment-adviser-client-rights\/#What_if_the_investment_adviser_ignores_a_clients_grievance\" title=\"What if the investment adviser ignores a client&#8217;s grievance?\">What if the investment adviser ignores a client&#8217;s grievance?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Service_Rights_What_You_Were_Promised\"><\/span><strong>Service Rights: What You Were Promised<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment adviser client rights include the right to receive the services described in the client agreement and the MITC. If the agreement specifies regular research recommendations, portfolio reviews and advisory reports, the client has a right to those deliverables within the terms specified. The agreement should be specific enough about service scope that clients can identify when promised services are not being delivered. A vague agreement that describes services in generic terms provides weaker service rights than a specific scope description.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fee_Rights_Mode_Amount_and_Refund\"><\/span><strong>Fee Rights: Mode, Amount and Refund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment adviser client rights cover the fee dimension in detail. Clients have the right to be charged only in the mode specified in the client agreement (fixed fee or AUA). Fees cannot be changed without documented client consent. For individual and HUF clients, advance fee collection is limited to one year&#8217;s equivalent. Clients are entitled to a proportionate refund of unexpired advance fees on early termination, subject to any breakage fee specified in the agreement. These fee rights are backed by SEBI&#8217;s fee regulations for IAs.<\/p>\n<table>\n<thead>\n<tr>\n<th>Client Right Category<\/th>\n<th>What It Covers<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Service rights<\/td>\n<td>Delivery of services as agreed in the client agreement<\/td>\n<\/tr>\n<tr>\n<td>Fee rights<\/td>\n<td>Agreed fee mode, advance fee limits, refund on exit<\/td>\n<\/tr>\n<tr>\n<td>Information rights<\/td>\n<td>Written risk profile, MITC, SEBI disclosures<\/td>\n<\/tr>\n<tr>\n<td>Termination rights<\/td>\n<td>Right to exit with agreed notice period<\/td>\n<\/tr>\n<tr>\n<td>Grievance rights<\/td>\n<td>Internal complaint process, SEBI SCORES escalation<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Information_Rights\"><\/span><strong>Information Rights<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment adviser client rights include information transparency obligations. Clients have the right to receive their completed risk profile in writing, access the MITC before signing the client agreement, review the IA&#8217;s investor charter covering rights and grievance process and access the IA&#8217;s regulatory disclosures including SEBI registration number, principal officer details and conflict of interest disclosures. These information rights exist independently of whether the client asks for them \u2014 the IA is required to provide them proactively.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Termination_and_Grievance_Rights\"><\/span><strong>Termination and Grievance Rights<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment adviser client rights include the right to terminate the advisory relationship with the agreed notice period and the right to receive a refund of unexpired advance fees on early termination. On the grievance dimension, clients have the right to file complaints through the IA&#8217;s internal grievance process and to escalate to SEBI SCORES if the internal process fails. Investors whose investment adviser client rights are violated should document the specific right and the specific instance of violation before filing a complaint.<\/p>\n<p>Univest is a SEBI-registered research platform (SEBI RA Reg. No. INH000013776) operating under NSDL depository infrastructure. Investors who want SEBI-registered research alongside their advisory journey can explore Univest&#8217;s research tools, stock screener and market analysis available on the official Univest app.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Understand Your Advisory Client Rights Before Subscribing to Any SEBI-Registered Service<\/strong><\/a><\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to review client rights and advisory standards before beginning any investment advisory engagement.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment adviser client rights cover five categories: service rights (delivery of promised services), fee rights (agreed mode, advance limits, refund on exit), information rights (written risk profile, MITC, disclosures), termination rights (exit with agreed notice) and grievance rights (internal complaint and SEBI SCORES escalation). These are process and transparency protections, not outcome guarantees. Clients whose rights are violated should document the specific violation before filing a complaint.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_rights_do_investment_adviser_clients_have\"><\/span>What rights do investment adviser clients have?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investment adviser client rights cover service rights (receiving the agreed advisory services), fee rights (being charged only in the agreed mode with advance fee limits and refund entitlement on exit), information rights (written risk profile, MITC, disclosures), termination rights (exit with agreed notice) and grievance rights (internal complaint and SEBI SCORES escalation).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_an_investment_adviser_change_fees_without_client_consent\"><\/span>Can an investment adviser change fees without client consent?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. Investment adviser client rights include the right to be charged only in the mode and amount specified in the client agreement. Fee changes require documented client consent before taking effect. Unilateral fee changes by the IA without client consent are a breach of both the client agreement and the IA conduct framework.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_clients_right_if_an_IA_does_not_deliver_promised_services\"><\/span>What is the client&#8217;s right if an IA does not deliver promised services?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investment adviser client rights is relevant here. If a registered IA fails to deliver services specified in the client agreement, the client has a service right breach that can be raised through the internal grievance process and escalated to SEBI SCORES if unresolved within 30 days. Documented evidence of what was promised (client agreement and MITC) and what was not delivered is essential for an effective complaint.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_information_is_an_investment_adviser_required_to_provide_to_clients\"><\/span>What information is an investment adviser required to provide to clients?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investment adviser client rights is relevant here. An IA must proactively provide: the completed risk profile in writing, the MITC before the client agreement is signed, the investor charter covering rights and grievance process, regulatory disclosures including the SEBI registration number and conflict of interest disclosures. These information rights exist regardless of whether the client specifically requests them.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_a_client_terminate_an_investment_advisory_service_at_any_time\"><\/span>Can a client terminate an investment advisory service at any time?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investment adviser client rights include the right to terminate the advisory relationship with the agreed notice period. The notice period should be specified in the client agreement. On termination, the client is entitled to a proportionate refund of unexpired advance fees, subject to any breakage fee specified in the agreement.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_the_investment_adviser_ignores_a_clients_grievance\"><\/span>What if the investment adviser ignores a client&#8217;s grievance?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> If the IA&#8217;s internal grievance process fails to resolve a complaint within 30 days or the resolution offered is unsatisfactory, the client can escalate to SEBI SCORES at scores.sebi.gov.in. Include the internal complaint evidence, the client agreement terms and the specific right that was violated in the SCORES filing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment adviser client rights in India: service rights, fee rights, information rights, termination rights and grievance rights \u2014 what every advisory client should know.<\/p>\n","protected":false},"author":28,"featured_media":208631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1002],"tags":[5239],"class_list":["post-208633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory","tag-investment-adviser-agreement"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["208631"],"_edit_lock":["1787027185:28"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["1002"],"rank_math_seo_score":["79"],"rank_math_title":["Investment 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