UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  -------------

                                   FORM 10-K/A
                                  AMENDMENT NO. 1


                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                            FOR THE FISCAL YEAR ENDED
                                 MARCH 31, 2005

                           COMMISSION FILE NO. 1-16349

                        INVESTORS CAPITAL HOLDINGS, LTD.
                    (Exact name of registrant in its charter)

       MASSACHUSETTS                                    04-3284631
-------------------------------                    --------------------
(State or other jurisdiction of                      (I.R.S.Employer
incorporation or organization)                      Identification No.)

                                230 Broadway East
                         Lynnfield, Massachusetts 01940
                                 (781) 593-8565

  (Address, including zip code, and telephone number, including area code, of
                   Registrant's principal executive offices)


           SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


     TITLE OF EACH CLASS             NAME OF EACH EXCHANGE ON WHICH REGISTERED
-----------------------------        -----------------------------------------
Common Stock, $0.01 par value               The American Stock Exchange

           SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                                      None
                                (Title of class)

   Indicate  by check mark  whether  the  registrant  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such  reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]


<PAGE>



   Indicate by check mark if disclosure of  delinquent  filers  pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

   Indicate by  check mark whether the  registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Act). Yes[ ] No [X]

   The aggregate  market value of the shares of the  registrant's  common equity
held by  non-affiliates,  computed by reference to the price at which the common
equity was last  sold,  as of the last  business  day of the  registrant's  most
recently completed second fiscal quarter, was $9,222,536.

   As of June 23, 2005, there were outstanding 5,758,978 shares of the $0.01 par
value per share Common Stock of the registrant.




                                EXPLANATORY NOTE

   Investors Capital Holdings,  Ltd hereby amends its Annual Report of Form 10-K
for the fiscal year ended March 31, 2005, filed on June 30, 2005. This amendment
is filed for the  purpose  of  correcting  the  Consolidated  Balance  Sheets in
Section 8  contained  in our Annual  Report.  Specifically,  Investments  is now
presented  as a long  term  investment  rather  than a  current  asset  for  the
comparative  years ended March 31, 2005 and 2004 in conformity  with  Accounting
Principles  Generally  Accepted in the United States of America  (GAAP).  On the
Consolidated  Balance Sheet, as originally  filed on the Form 10-K,  Investments
was incorrectly  classified as a current asset. This Amendment to Form 10-K does
not  otherwise  change or update the  disclosures  set forth in the Form 10-K as
originally  filed and does not  otherwise  reflect  events  occurring  after the
filing of the Form 10-K.


                                       2

<PAGE>
















                                    CONTENTS

PART  II ....................................................................  4
ITEM 8.  Financial Statements and Supplementary Data ........................  4



                                       3

<PAGE>


                                     PART II

              ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.



                                       4

<PAGE>



                INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
                ------------------------------------------------
                           CONSOLIDATED BALANCE SHEETS
                           ---------------------------



<TABLE>
<CAPTION>
                                                                        March 31,       March 31,
                                                                          2005            2004
                                                                      ------------    ------------
Assets

Current Assets

<S>                                                                   <C>             <C>
     Cash and cash equivalents ....................................   $  8,618,261    $  8,112,567
     Deposit with clearing organization, restricted ...............        175,000         175,000
     Accounts receivable ..........................................      3,361,509       3,785,423
     Loans receivable from registered representatives(current) ....        173,875            --
     Investments in available-for-sale securities .................           --            56,339
     Prepaid income taxes .........................................        100,889            --
     Marketable securities, at market value .......................        330,380          17,422
     Prepaid expenses .............................................        247,421         310,270
                                                                      ------------    ------------
                                                                        13,007,335      12,457,021

Property and equipment, net .......................................        571,198         503,316

Long Term Investments

     Loans receivable from registered representatives .............         77,270          69,306
     Equity investments, at cost ..................................         40,000          40,000
     Investments ..................................................        142,816          85,820
                                                                      ------------    ------------
                                                                           260,086         195,126
Other Assets
     Other assets .................................................        121,548          99,295
     Deferred tax asset, net ......................................        149,471          69,721
     Receivables from officers ....................................           --            64,400
                                                                      ------------    ------------
                                                                           271,019         233,416

          TOTAL ASSETS ............................................   $ 14,109,638    $ 13,388,879
                                                                      ============    ============
 Liabilities and Stockholders' Equity

Current Liabilities

     Accounts payable .............................................   $  1,045,314    $    570,236
     Accrued expenses .............................................        552,088         435,067
     Notes payable ................................................          9,433          78,999
     Unearned revenues ............................................        106,775            --
     NASD settlement payable (current portion) ....................           --            54,375
     Commissions payable ..........................................      1,885,340       2,078,196
     Income taxes payable .........................................           --           582,721
     Securities sold, not yet purchased, at market value ..........        327,905          90,042
                                                                      ------------    ------------
                                                                         3,926,855       3,889,636
 Long-Term Liabilities

     NASD settlement payable ......................................           --            94,304
                                                                      ------------    ------------
                                                                                            94,304


          Total liabilities .......................................      3,926,855       3,983,940
                                                                      ------------    ------------
Commitments and contingencies (Note 14)

Stockholders' Equity:

     Common stock, $.01 par value, 10,000,000
      shares authorized; 5,757,348 issued and 5,753,463 outstanding
      in 2005; 5,731,598 issued and 5,727,713 outstanding in 2004 .         57,573          57,316
     Additional paid-in capital ...................................      8,691,566       8,520,931
     Retained earnings ............................................      1,463,779         844,670
       less: Treasury stock, 3,885 shares at cost .................        (30,135)        (30,135)
     Accumulated other comprehensive income .......................           --            12,157
                                                                      ------------    ------------

            Total stockholders' equity ............................     10,182,783       9,404,939
                                                                      ------------    ------------

           TOTAL LIABILITIES AND STOCKHOLDERS'
                EQUITY ............................................   $ 14,109,638    $ 13,388,879
                                                                      ============    ============
</TABLE>




                                       5
<PAGE>






                                   SIGNATURES


   Pursuant  to the  requirements  of  Section  13 or 15  (d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.




                                      INVESTORS CAPITAL HOLDINGS, LTD.

                                      By:  /S/ TIMOTHY B. MURPHY
                                          -------------------------------------
                                               Chief Financial Officer

                                      Date: July 14, 2005


   Pursuant to the  requirements  of the Securities  Exchange Act of 1934,  this
report has been signed by the following  persons on behalf of the registrant and
in the capacities and on the dates indicated.



/s/ Theodore E. Charles             Chairman, President, Chief   July 14, 2005
------------------------------      Executive Officer,
Theodore E. Charles                 and Director (Principal
                                    Executive Officer)

/s/ Timothy B. Murphy               Executive Vice President,    July 14, 2005
------------------------------      Chief Financial
Timothy B. Murphy                   Officer and Director
                                    (Principal Financial and
                                    Accounting Officer)

/s/ C. Troy Shaver, Jr.             Director                     July 14, 2005
------------------------------
C. Troy Shaver, Jr.


/s/ Arthur E. Stickney              Director                     July 14, 2005
------------------------------
Arthur E. Stickney

/s/ William Atherton                Director                     July 14, 2005
------------------------------
William Atherton

/s/ Marshall Acuff, Jr.             Director                     July 14, 2005
------------------------------
Marshall Acuff, Jr.





                                       6
<PAGE>



                                  EXHIBIT INDEX

             (EXHIBITS BEING INITIALLY FILED WITH THIS FORM 10-K/A)




31.1     Certification of Theodore E. Charles pursuant to Rule 13a-14(a)

31.2     Certification of Timothy B. Murphy pursuant to Rule 13a-14(a)

32.1     Certification of Theodore E. Charles pursuant to 18 U.S.C. Section 1350

32.2     Certification of Timothy B. Murphy pursuant to 18 U.S.C. Section 1350



                                       7