SEBI registers Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013. Registered advisers receive a unique registration number prefixed 'INA'. They must meet eligibility criteria covering qualifications, net worth, and certifications. SEBI maintains a public register where any investor can verify an adviser's credentials. The framework distinguishes investment advice from distribution, requiring fee-only compensation for advisers. Registration is mandatory before any individual or entity offers investment advisory services to clients in India.

The SEBI (Investment Advisers) Regulations, 2013 created a formal licensing architecture for anyone who offers personalised investment advice for consideration. Before this framework, the space was largely unregulated, enabling unqualified intermediaries to exploit retail investors.

Key structural features:

1. Registration Number Format: Every registered Investment Adviser (IA) receives a unique number beginning with 'INA' (for individuals) or 'INA' followed by specific digits identifying the entity type — this is a distractor-friendly fact in MCQs.

2. Eligibility: Applicants must hold a professional qualification (post-graduate in finance/economics/business or CFA/CA/CS/CWA) plus a NISM Series-X-A certification. Net worth requirements differ — individuals need ₹5 lakh; non-individuals (firms) need ₹50 lakh.

3. Segregation of Activities: An IA cannot simultaneously act as a distributor. This 'advisory vs distribution' wall prevents conflict of interest — a concept SEBI has tightened progressively since 2020.

4. Fee Structure: IAs can charge only from clients, not from product manufacturers. This removes the commission-driven incentive to mis-sell.

5. Public Register: SEBI's website hosts a searchable register so investors can verify credentials — investor protection is the stated rationale.

For the exam, the distinction between Investment Advisers and Research Analysts (covered under separate 2014 regulations) is a common distractor angle.