Why Sebi-registered advisors are now an endangered species

Everybody wants to invest, but not everyone knows how. There just aren’t many who can point investors in the right direction.

Registered investment advisors, or RIAs—either individuals or corporates licensed by the stock-market regulator—are an endangered species in India. While the country had about 192 million demat accounts as of March 2025, there were only about 941 advisors. That’s one advisor for over 200,000 investors. Pressure much?

You’d think the problem goes away if there were more Sebi-registered advisors. If only. In fact, the number of registered advisors in India has been declining over the past few years. Just in 2020, there were over 1,500 of them. The drop was largely attributable to the regulator.

Meanwhile, fintechs like ET Money and Value Research are attempting to plug this gap by offering investors automated advice for direct investment. But it's far from a done deal. 

Tune in. 

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