Investment Advisory Services in India: How SEBI Advisers, Research Analysts and PMS Differ and Which One You Need in 2026

SEBI IA fee cap Rs 1.51 lakh per family a year or 2.5% of assets. RA fee cap Rs 1.51 lakh. PMS minimum Rs 50 lakh. Univest IA INA000017639.

Updated: 7 Oct 2026 • 5:34 pm

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Investment Advisory Services in India: How SEBI Advisers, Research Analysts and PMS Differ and Which One You Need in 2026

Quick Answer

Investment advisory services in India come in three regulated forms: SEBI-registered investment advisers give personalised financial advice for a fee, research analysts publish buy and sell recommendations, and portfolio managers (PMS) manage your money directly from a minimum of Rs 50 lakh. Advisers and research analysts face a fee cap of Rs 1.51 lakh a year per family, and advisers can alternatively charge up to 2.5% of assets under advice. Choose an adviser for planning and allocation, a research service for stock ideas, and PMS only if you want someone else to make the trades. Always verify the SEBI registration number first.

Investment advisory services in India range from a one-time financial plan to a fully managed portfolio, and the right choice depends on how much control you want to keep. SEBI regulates each type differently, with different fee rules, duties and minimum amounts. Mixing up these investment advisory services leads to paying for the wrong one.

This guide lays out the three regulated options side by side, explains fees, and lists the checks to run before you sign any agreement.

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Table of Contents

What Are Investment Advisory Services?

Investment advisory services are paid services that guide your investment decisions. In India, anyone giving such advice for a fee must be registered with SEBI. The three main registrations are investment adviser (INA number), research analyst (INH number) and portfolio manager (INP number).

Investment Adviser vs Research Analyst vs PMS

Factor	Investment adviser (RIA)	Research analyst (RA)	Portfolio manager (PMS)
What you get	Personalised advice and planning	Stock, F&O or commodity recommendations	Your portfolio managed for you
Who places trades	You	You	The portfolio manager
Fee rules	Up to Rs 1.51 lakh a year per family, or 2.5% of assets under advice	Up to Rs 1.51 lakh a year per family	Fees and profit share agreed in the PMS contract
Minimum amount	None set by SEBI	None set by SEBI	Rs 50 lakh
Commission income	Not allowed	Must disclose conflicts	Disclosed in the agreement
SEBI number prefix	INA	INH	INP

Portfolio advisory services sold by advisers usually mean advice on your existing holdings without the firm taking control of your account, which sits under the investment adviser rules.

What a Good Portfolio Advisory Service Covers

Risk profiling: a documented assessment of your goals, horizon and capacity for loss.
Asset allocation: a target mix across equity, debt, gold and cash.
Product selection: specific funds or stocks with the reason for each.
Rebalancing: a rule for when to bring the mix back to target.
Reviews: scheduled check-ins and a written record of advice given.

How to Choose Investment Advisory Firms in India

Verify the registration number (INA, INH or INP) on the SEBI website.
Ask how the firm is paid and whether it earns any commission.
Read the agreement or MITC for fees, refunds and termination terms.
Check that advice starts with written risk profiling.
Ask who your point of contact is and how grievances are handled.
Compare fees with SEBI's caps and with the value you expect to receive.

How Much Do Investment Advisory Services Cost?

SEBI caps investment adviser fees at Rs 1.51 lakh a year per family in fixed-fee mode, or 2.5% of assets under advice in percentage mode. Research analysts serving individuals face the same Rs 1.51 lakh cap. PMS fees are set in the PMS agreement, often as a fixed management fee plus a share of profits above a hurdle.

For most retail investors with smaller portfolios, investment advisory services from a fixed-fee adviser, or a low-cost research subscription, cost far less than PMS while leaving full control in their hands.

How Univest Provides Investment Advisory Services

Univest holds three SEBI registrations: investment adviser (INA000017639), research analyst (INH000013776) and stock broker (INZ000317437). Its Mutual Fund Advisory plan delivers fund and portfolio guidance under the adviser registration, while Univest Pro plans deliver equity, F&O and commodity research calls with entry, stop loss and target.

With these investment advisory services you keep control of your account and decide every trade. New users can open 7 days of advisory access with a Rs 1 trial.

Check the Univest Screener for live data

Download the Univest iOS App or Univest Android App to get SEBI-registered advisory and research in one app.

Conclusion

Investment advisory services in India split into advisers for planning, research analysts for trade ideas and PMS for managed portfolios from Rs 50 lakh. Match the service to the control you want, verify the SEBI number, and check that fees sit within SEBI's caps before you sign.

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 the official NSE (nseindia.com) and BSE (bseindia.com) websites 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).

FAQs on Investment Advisory Services in India

What are the best investment advisory services in India?

Ans. The best investment advisory services are SEBI-registered, fee-transparent and start from written risk profiling. Choose an adviser, research analyst or PMS based on how much control you want to keep.

What is the difference between an investment adviser and a PMS?

Ans. An investment adviser gives advice while you place the trades, with no SEBI minimum amount. A PMS manages your portfolio directly and needs a minimum investment of Rs 50 lakh.

How much do SEBI registered investment advisers charge?

Ans. SEBI caps adviser fees at Rs 1.51 lakh a year per family in fixed-fee mode or 2.5% of assets under advice in percentage mode.

What are portfolio advisory services?

Ans. Portfolio advisory services review your holdings and recommend changes in allocation and specific investments, while you keep control of the account and place the trades.

How do I check if an investment adviser is SEBI registered?

Ans. Search the adviser's INA number in the list of registered intermediaries on the SEBI website and confirm the name matches the firm you are paying.

Is Univest a SEBI registered investment adviser?

Ans. Yes. Univest is registered with SEBI as an investment adviser (INA000017639), a research analyst (INH000013776) and a stock broker (INZ000317437).