Question: A company is preparing its application for registration as an investment adviser. The company plans to submit its application to SEBI on 20th October 2025. As part of application, it intends to attach a net worth certificate issued by a Chartered Accountant on 10th of April 2025. As per SEBI (Investment Advisers) Regulations, 2013, can the company rely on this certificate for its application?
Answer: No, the company should obtain a fresh net worth certificate before submitting its application. The SEBI Regulations require the net worth certificate submitted with the application to be not more than six months old at the time of filing.
Certificate issued : 10th of April 2025
Application Date: 20th October 2025
Age of Certificate : More than six months
Since, the certificate is older than the permitted validity period, it does not meet the prescribed requirement and should be replaced with a current certificate before the application is filed.

Supporting evidence:
title: sebi.gov.in/sebi-investment-advisers-regulations-2013-last-amended-on-december-08-2016-_34619.html
quote: 7. Net worth certificate by a chartered accountant, not more than six months old
context: obtain such certification within two years from the date of commencement of theseregulations and after all its representatives obtain the certification, a declaration to that effect shall be submitted to SEBI.)
4. Declaration by the applicant that it shall ensure that its representatives comply with the certification and qualification requirements under Regulation 7 at all times.
5. List of associated companies registered with SEBI, RBI, IRDA or PFRDA along with the registration number.
6. If applicant is a bank or NBFC, then copy of approval from RBI for undertaking investment advisory services.
7. Net worth certificate by a chartered accountant, not more than six months old. Please note that membership number of the chartered accountant must be included in the certificate,

III. In case applicant is a partnership firmor a limited liability partnership:

1. Names and Beneficial ownership pattern of the partners engaged/proposed to engage in investment advice (Enclose identity proof and address proof of the partners).
2. Whether the aforesaid partners have:
- a. A professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association; or
- b. A graduate in any discipline with an experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management.
(Provide self certified copies of supporting documents).
3. Copy of certification obtained by the aforesaid partners in accordance with regulation 7(2).
(If the applicant is an existing investment adviser applying for fresh registration, then provide a declaration stating that all the partners engaged in investment advice shall obtain such certification within two years from the date of commencement of theseregulations and after all such partners obtain the certification, a declaration to that effect shall be submitted to SEBI.)
4. Declaration that the aforesaid partners shall obtain fresh certification before expiry of the validity of the existing certification to ensure continuity in compliance with certification requirements.
5. Copy of assets and liabilities statement and certification of net tangible assets of the partnership firm certified by a cha