March 16, 2026 : The Securities and Exchange Board of India (SEBI) has raised concerns over a steady decline in the number of registered investment advisers (RIAs), even as India’s investor base continues to grow. Speaking at Aspire 2026, an event organised by the Association of Registered Investment Advisers (ARIA) in Mumbai, SEBI Chairman Tuhin Kanta Pandey highlighted a widening gap between demand for financial guidance and the availability of qualified, regulated advisers.

He cautioned that this gap is increasingly being filled by unregulated sources, particularly social media influencers, who often present opinions as expert advice and speculation as investment strategy. According to him, this trend is undesirable as it can distort investor behaviour, weaken financial discipline, and undermine trust in the system.

Mr. Pandey noted that while India has made significant strides in financial inclusion, the focus must now shift toward financial empowerment. This, he said, depends on access to reliable, unbiased, and transparent advice that aligns with investors’ long-term goals.

With only around 1,000 registered investment advisers currently in the system, he emphasized the need to make the advisory model more viable, scalable, and attractive for qualified professionals. To address this, SEBI has taken several steps, including easing eligibility norms and documentation requirements, simplifying the transition from individual advisers to non-individual entities, and allowing greater flexibility in sharing certified past performance data with clients on a one-to-one basis.

He also urged advisers to promote a culture of responsible investing. This includes raising awareness about financial fraud and cyber risks, and encouraging investors to use tools such as Valid UPI and SEBI Check before making payments.