The Bombay Stock Exchange (BSE) on April 16, 2026, notified regarding the Review and submission of Deposit based on Maximum Number of Clients during F.Y. 2025-26 – Investment Adviser.
Pursuant to SEBI’s Master Circular dated February 6, 2026, Investment Advisers (IAs) are required to maintain a minimum deposit based on the number of clients serviced. Accordingly, IAs must review their deposit requirement for FY 2025–26 based on the maximum number of clients handled on any single day and ensure compliance by April 30, 2026.
The deposit requirement ranges from ₹1 lakh (up to 150 clients) to ₹10 lakh (for over 1,000 clients). In case of any shortfall, IAs must submit additional deposits in the same form as previously maintained—either Fixed Deposit (FD) or liquid/overnight mutual funds (Demat or Non-Demat). The Exchange has prescribed detailed procedures and documentation for submission, including lien creation where applicable.
The circular also allows consolidation or replacement of deposits (e.g., fresh FDR or revised mutual fund units), subject to Exchange verification. IAs are advised to promptly review, maintain the required deposit at all times, and complete any additional submission as per guidelines. Non-compliance may attract regulatory action.
[Notice No. 20260416-11]
