Exhibit 31.2

                                  CERTIFICATION


I, Timothy B. Murphy, certify that:

1.   I have  reviewed  this  amendment  to  quarterly  report  on  Form  10-Q of
     Investors Capital Holdings, Ltd.;

2.   Based on my  knowledge,  said  quarterly  report,  as so amended,  does not
     contain any untrue statement of a material fact or omit to state a material
     fact necessary to make the statements  made, in light of the  circumstances
     under which such  statements  were made, not misleading with respect to the
     period covered by this report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in said  quarterly  report,  as so  amended,  fairly
     present  in all  material  respects  the  financial  condition,  results of
     operations  and cash flows of the  registrant  as of, and for,  the periods
     presented in this report;

4.   The  registrant's  other  certifying  officer(s) and I are  responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e), for the registrant and have:

     a)   Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   Not applicable.

     c)   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     d)   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal  quarter (the  registrant's  fourth  quarter in the
          case  of  an  annual  report)  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed, based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the audit committee of the registrant's board
     of directors (or persons performing the equivalent functions):

     a)   All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


Date: February 27, 2006


By: /s/ Timothy B. Murphy
-------------------------------------------------
Timothy B. Murphy, President,
Treasurer, Chief Financial Officer and Director
(principal financial officer)