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IMF for SEBI Registered Investment Advisers

Reviewed by CA and CS Team, Patron Accounting LLP ICAI & ICSI Registered| 15+ Years Experience| Last Updated: 30 June 2026 Verify Credentials →

The compliant route: a SEBI RIA cannot earn insurance commission directly - a separate, segregated IRDAI Insurance Marketing Firm can.

What you get: tie-ups with up to 2 life, 2 general and 2 health insurers, plus the ability to solicit other financial products.

Eligibility: a Company, LLP or Co-operative Society with "Insurance Marketing Firm" in its name, INR 10 lakh net worth (INR 5 lakh in a single aspirational district) and a qualified Principal Officer.

Fees: Patron's end-to-end setup from INR 24,999 (Exl GST and Govt. Charges); IRDAI application fee is INR 5,000.

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Overview What Is an IMF Who Needs It SEBI Segregation What We Do Process Eligibility Documents Timeline Fees Why Patron FAQs

What Is an IMF for Investment Advisers and Who Needs It?

An Insurance Marketing Firm (IMF) is an IRDAI-registered entity that lets a SEBI Registered Investment Adviser (RIA) legally add an insurance revenue line - through a separate, segregated arm that sits at arm's length from the fee-only advisory practice. Below are the answers advisers ask first.

📌 Quick Answers

An IMF (Insurance Marketing Firm) is an IRDAI-registered entity that lets advisers distribute insurance from up to 2 life, 2 general and 2 health insurers, plus other financial products.
SEBI rules bar an individual RIA from earning any insurance commission; a separate, segregated IMF entity is the compliant way for advisers to add insurance revenue.
Non-individual (corporate) RIAs can run advisory and distribution together only with client-level segregation and separate staff - an IMF arm fits this structure.
Eligibility: a Company, LLP or Co-operative Society with "Insurance Marketing Firm" in its name, INR 10 lakh net worth (INR 5 lakh for a single aspirational district), and a qualified Principal Officer.
Registration is now perpetual (no 3-year renewal since 5 February 2026); the IRDAI fee is INR 5,000 paid from a State Bank of India account.

What Is an Insurance Marketing Firm (IMF)?

An Insurance Marketing Firm is an entity registered under the IRDAI (Registration of Insurance Marketing Firm) Regulations 2015 and filed on the dedicated IMF portal at imf.irda.gov.in. It is allowed to solicit and procure insurance and to distribute other financial products through its own certified personnel.

For a SEBI Registered Investment Adviser, the IMF is the bridge between fee-only advice and a regulated insurance revenue line. The advisory practice continues under the SEBI (Investment Advisers) Regulations 2013, while a distinct IMF entity earns insurance remuneration. An IMF can tie up with up to 2 life, 2 general and 2 health insurers and appoint Insurance Sales Persons (ISPs) to solicit business within its registered area.

Key Terms for an IMF:

Insurance Marketing Firm (IMF): The IRDAI-registered distribution entity; its legal name must contain "Insurance Marketing Firm".
Principal Officer (PO): The qualified individual who heads the IMF and completes 50 hours of IRDAI training plus the IMF examination.
Insurance Sales Person (ISP): Certified field personnel who solicit insurance within the registered area; at least one ISP is required per office.
Financial Service Executive (FSE): Personnel through whom an IMF can market SEBI-licensed and other financial products.
SEBI Registered Investment Adviser (RIA): A fee-only adviser regulated by SEBI who cannot earn insurance commission directly.

IRDAI Registered Distribution Entity IMF for RIAs

Who Should Set Up an IMF?

An IMF suits SEBI Registered Investment Advisers - most often non-individual or corporate RIAs and advisory firms - who want to convert client trust into a compliant insurance revenue line without breaching SEBI's advisory-distribution rules. The table below maps the common triggers.

Trigger	Why an IMF Solves It
Individual RIA wanting insurance income	A SEBI individual RIA cannot earn insurance commission; a separate IMF entity captures that revenue compliantly
Corporate RIA running advice and distribution	SEBI permits both only with client-level segregation and separate staff - the arm's-length IMF arm satisfies this
Advisory firm seeking a recurring revenue line	Insurance remuneration diversifies a fee-only model and deepens the client relationship
Adviser in a Tier-2 or Tier-3 market	An aspirational district lowers the net-worth requirement to INR 5 lakh, easing entry
Wealth manager cross-selling products	An IMF can also solicit SEBI-licensed financial products through Financial Service Executives

Note: An IMF operates within a district-based area - a maximum of three districts, and where more than one is chosen, at least one must be an aspirational district. Plan your registered area against where your clients actually sit.

SEBI Advisory-Distribution Segregation and the IMF Route

The reason advisers cannot simply start selling insurance is the segregation principle in the SEBI (Investment Advisers) Regulations 2013. An individual RIA must remain fee-only and cannot undertake distribution or earn any commission. A non-individual (corporate) RIA may carry on both advisory and distribution, but only with client-level segregation and a clear separation of staff between the two functions.

An Insurance Marketing Firm, being a distinct IRDAI-registered entity, sits naturally inside this structure. The SEBI RIA gives advice; the IMF, at arm's length, distributes insurance and earns remuneration. Set up correctly, the two registrations coexist - the IMF does not dilute your SEBI standing, and your advisory clients are never cross-sold against the segregation rule.

How the two fit together:

SEBI RIA: continues fee-only advice under the SEBI (Investment Advisers) Regulations 2013.
IMF entity: a separate Company, LLP or Co-operative Society registered with IRDAI for insurance distribution.
Client segregation: advisory and distribution clients are kept distinct, with separate staff for each activity.
Remuneration: insurance commission flows to the IMF, never to the individual RIA.

What Patron Accounting Does for Your IMF Setup

Service	What We Do
Entity Incorporation	Incorporate a Company, LLP or Co-operative Society with "Insurance Marketing Firm" in its name, including MoA/AoA, PAN and ROC certificate.
Structuring for Segregation	Map the IMF arm against your existing SEBI RIA practice so advisory and distribution stay properly segregated.
IRDAI Application	Prepare and file Form A and the full application on the imf.irda.gov.in portal, including the 3-year business plan and infrastructure photographs.
Principal Officer Onboarding	Confirm eligibility, coordinate the 50-hour IRDAI training and the IMF examination, and manage Fit and Proper declarations.
ISP and FSE Setup	Guide appointment of at least one Insurance Sales Person per office and Financial Service Executives for other financial products.
Net Worth and Banking	Arrange the CA net-worth certificate, the SBI account in the IMF's name and the Professional Indemnity cover.
Insurer Tie-ups	Coordinate consent letters for up to 2 life, 2 general and 2 health insurers.

Our Process

The IMF Registration Process for Advisers

A structured sequence from entity incorporation to IRDAI registration on the imf.irda.gov.in portal, typically completed in 7 to 10 weeks.

Step 1

Incorporate the IMF Entity

We incorporate a Company, LLP or Co-operative Society with "Insurance Marketing Firm" in its name, draft the MoA/AoA, and obtain PAN and the ROC certificate - the foundation IRDAI checks first.

Name reservation ROC certificate

Week 1 to 2 01

Step 2

Net Worth, Banking and PI Cover

We arrange the CA net-worth certificate for INR 10 lakh (INR 5 lakh in a single aspirational district), open the mandated SBI account in the IMF's name, and put the Professional Indemnity cover in place.

CA net-worth certificate SBI account

Week 2 to 4 02

Step 3

Principal Officer Certification

The Principal Officer completes the 50-hour IRDAI training and the IMF examination. We confirm eligibility upfront, coordinate the schedule and prepare the Fit and Proper declarations.

50-hour training IMF examination

Week 3 to 7 03

Step 4

IRDAI Filing and Approval

We file Form A, the NOC, the 3-year business plan, the org chart, infrastructure photographs and insurer consent letters on imf.irda.gov.in, then respond to IRDAI queries until the registration is granted.

Form A and NOC Perpetual registration

Week 7 to 10 04

Eligibility for an IMF

IRDAI sets clear eligibility conditions under the IRDAI (Registration of Insurance Marketing Firm) Regulations 2015. Confirm each of these before you apply.

Condition	Requirement
Entity type	A Company, LLP or Co-operative Society - the legal name must contain "Insurance Marketing Firm"
Net worth	INR 10 lakh, reduced to INR 5 lakh where the IMF operates in a single aspirational district
Principal Officer	A qualified Principal Officer who completes 50 hours of IRDAI training and the IMF examination
Banking	A State Bank of India account in the IMF's name, from which the IRDAI fee is paid
Professional Indemnity	PI cover maintained throughout registration - 2x the preceding-year remuneration, with a minimum equal to net worth
Registered area	District-based - a maximum of three districts; if more than one, at least one must be an aspirational district
At least one ISP	A minimum of one certified Insurance Sales Person per office

Documents Required for IMF Registration

Keep the following ready before filing on the imf.irda.gov.in portal. Patron Accounting prepares and reviews each item with you.

Form A and the IRDAI application, with the No Objection Certificate (NOC).
ROC incorporation certificate showing "Insurance Marketing Firm" in the entity name.
MoA and AoA (or LLP agreement) together with the entity PAN.
CA net-worth certificate evidencing INR 10 lakh (or INR 5 lakh for a single aspirational district).
State Bank of India account in the IMF's name, used to pay the INR 5,000 IRDAI fee.
Principal Officer and ISP qualification and examination certificates.
3-year business plan, organisation chart and infrastructure photographs.
Insurer consent letters for the chosen life, general and health insurers.
Fit and Proper declarations for the entity and its key persons.

How Long Does IMF Registration Take?

End to end, advisers should plan for around 7 to 10 weeks. The biggest variables are document readiness and the Principal Officer's 50-hour training and examination - start the Principal Officer track early and the rest of the timeline tightens.

Stage	Indicative Time
Entity incorporation (IMF in name)	1 to 2 weeks
Net worth, SBI account and PI cover	2 to 4 weeks (often parallel)
Principal Officer training and IMF exam	3 to 7 weeks
IRDAI filing and review on imf.irda.gov.in	3 to 4 weeks
Registration status	Perpetual since 5 February 2026 - no 3-year renewal

Timelines are indicative and depend on document readiness, certification schedules and IRDAI processing.

IMF Registration Fees for Advisers

💰 Patron's professional fee starts from INR 24,999 (Exl GST and Govt. Charges) for end-to-end IMF setup - incorporation, IRDAI filing and Principal Officer onboarding.

Cost Head	Amount
Patron professional fee (end to end)	From INR 24,999 (Exl GST and Govt. Charges)
IRDAI application fee	INR 5,000 (paid from the IMF's SBI account)
Entity incorporation and government charges	At actuals, depending on entity type and state
Principal Officer training and IMF exam	At actuals, as charged by the IRDAI-approved institute
Professional Indemnity cover	At actuals, based on remuneration and net worth

All fees and charges listed are indicative only and do not constitute a binding offer. Final amounts may vary depending on the volume of work and the complexity involved.

Why Patron

Why Advisers Choose Patron Accounting for IMF Setup

SEBI and IRDAI Together

We structure the IMF so it sits cleanly alongside your SEBI RIA registration, with advisory and distribution properly segregated.

End-to-End Ownership

From name reservation to the final IRDAI approval on imf.irda.gov.in, a single CA-led team owns every step.

Aspirational District Advantage

For advisers in Tier-2 and Tier-3 markets, we structure a single aspirational district to lower the net-worth requirement to INR 5 lakh.

Ongoing Compliance

We help maintain net worth, Professional Indemnity cover and the annual CA net-worth certificate due within 3 months of the financial year close.

Principal Officer Support

We confirm eligibility, coordinate the 50-hour training and IMF exam, and handle Fit and Proper declarations for the Principal Officer.

Transparent Fixed Fee

Our professional fee starts from INR 24,999 (Exl GST and Govt. Charges), with government and exam charges shown at actuals.

Add a Compliant Insurance Line to Your Practice

From individual RIAs to corporate advisory firms - speak to our CA and CS team about the right IMF structure for you.

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Can a SEBI registered investment adviser sell insurance and earn commission?

Not directly. An individual RIA cannot undertake distribution or earn insurance commission under the SEBI (Investment Advisers) Regulations 2013. The compliant route is a separate, segregated entity - an IRDAI-registered Insurance Marketing Firm (IMF) - which can distribute insurance and earn remuneration, kept at arm's length from your advisory practice.

How can an investment advisor add insurance to their practice legally?

By registering an Insurance Marketing Firm (IMF) with IRDAI. The IMF is a distinct Company, LLP or Co-operative Society with 'Insurance Marketing Firm' in its name. It can tie up with up to 2 life, 2 general and 2 health insurers. Non-individual RIAs must keep advisory and distribution clients segregated, which the separate IMF entity satisfies.

How much does IMF registration cost for an advisor?

The IRDAI application fee is INR 5,000 (paid from a State Bank of India account in the IMF's name), plus GST and incorporation charges. Patron's end-to-end IMF setup for advisors starts from INR 24,999 (Exl GST and Govt. Charges), covering incorporation, IRDAI filing and Principal Officer onboarding.

How long does IMF registration take?

Typically around 7 to 10 weeks end to end - covering entity incorporation, document preparation, the Principal Officer's 50-hour IRDAI training and exam, and IRDAI review on the imf.irda.gov.in portal. Timelines depend on document readiness and the Principal Officer's certification.

What documents and eligibility are required for an IMF?

A Company, LLP or Co-operative Society with 'Insurance Marketing Firm' in its name, net worth of INR 10 lakh (INR 5 lakh for a single aspirational district) with a CA net-worth certificate, a qualified Principal Officer, Form A, NOC, ROC incorporation certificate, MoA/AoA plus PAN, an SBI account, insurer consent letters, a 3-year business plan, infrastructure photographs and Fit and Proper declarations.

Does my existing SEBI RIA registration help or conflict with an IMF?

It does not conflict if structured correctly. SEBI requires advisory and distribution activities to be segregated. The IMF is a separate IRDAI-registered entity, so your SEBI RIA continues to give fee-only advice while the IMF handles insurance distribution. An IMF can also market SEBI-licensed financial products through Financial Service Executives.

Can Patron help set up an IMF in my city?

Yes. Patron Accounting handles IMF registration for investment advisers across India - including Tier-1 metros and Tier-2 and Tier-3 cities, with aspirational-district options that lower the net-worth requirement to INR 5 lakh. The IRDAI process is online via imf.irda.gov.in, so we support advisers nationwide.

Is IMF registration permanent or does it need renewal?

It is now perpetual. Since 5 February 2026, under the Sabka Bima Sabki Raksha reform and the Amendment of Insurance Laws Act 2025, the earlier 3-year renewal was discontinued. You must, however, maintain net worth, hold Professional Indemnity cover, and file an annual CA net-worth certificate within 3 months of the financial year close.

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Add Insurance to Your Advisory Practice - the Compliant Way

A SEBI Registered Investment Adviser cannot earn insurance commission directly - but a separate, segregated IRDAI Insurance Marketing Firm can. Patron Accounting LLP sets up the IMF end to end, from incorporation with "Insurance Marketing Firm" in the name to the final IRDAI approval on imf.irda.gov.in, with your SEBI RIA registration kept fully compliant. Our professional fee starts from INR 24,999 (Exl GST and Govt. Charges).

A CA and CS team owns every step - segregation structuring, Principal Officer onboarding, insurer tie-ups and ongoing compliance. Book a free consultation and we will map the right IMF structure for your practice.

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Content Created: 30 June 2026 | Last Updated: 30 June 2026 | Next Review: 30 December 2026 | Reviewed By: CA & CS Team, Patron Accounting LLP

This page is reviewed every six months or sooner whenever the IRDAI (Registration of Insurance Marketing Firm) Regulations 2015, the SEBI (Investment Advisers) Regulations 2013, the net-worth or fee thresholds, or the perpetual-registration position changes materially. Last reviewed: 30 June 2026.