IMF for SEBI Registered Investment Advisers in Delhi

Short answer: not directly, but yes through a separate entity. Below are the essentials for a SEBI RIA in Delhi weighing an insurance revenue line.

• An IMF (Insurance Marketing Firm) is an IRDAI-registered entity that lets advisors distribute insurance from up to 2 life + 2 general + 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 advisors 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 / 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 an SBI account.

Delhi is one of India's densest markets for fee-based advisory practices, wealth managers and boutique advisory firms. Many of these advisers already hold a SEBI RIA licence and want to capture the insurance revenue their clients buy elsewhere. The challenge is regulatory: SEBI (Investment Advisers) Regulations 2013 draw a firm line between advice and distribution. Building a compliant, segregated Insurance Marketing Firm (IMF) is the recognised way to bridge that line without breaching SEBI conduct rules.

Patron Accounting sets up the IMF entity end to end for advisers in Delhi and across NCR: incorporation with the correct name, IRDAI registration on the imf.irda.gov.in portal, Principal Officer onboarding, and the segregation structure that keeps your SEBI RIA and the IMF at arm's length. The IRDAI process is online, so location does not restrict eligibility - a Delhi adviser is served exactly like one in any other metro.

Content is reviewed periodically for accuracy against IRDAI and SEBI updates.

Individual SEBI RIAs adding insurance: An individual RIA cannot earn insurance commission. If you want any insurance revenue, a separate IMF entity is the compliant route - you cannot bolt distribution onto the individual RIA licence.

Non-individual (corporate) RIAs and advisory firms: Corporate RIAs can run advisory and distribution together only with client-level segregation and separate staff. A distinct IMF arm gives you a clean, arm's-length distribution division that maps neatly to SEBI's segregation requirement.

Wealth managers and boutique advisory practices: Delhi's wealth-management firms whose clients already buy insurance elsewhere can retain that revenue in-house through an IMF, rather than referring it out.

Advisers wanting a multi-insurer, independent structure: Unlike a corporate agent tied to insurers, an IMF operates independently with its own ISPs and can tie up with up to 2 insurers per line - useful for advisers who value product choice.

Firms planning to distribute other financial products: An IMF can also solicit SEBI-licensed financial products through FSEs, widening the revenue base beyond pure insurance.

If you are still deciding on the entity, see our guidance on choosing between a Private Limited and LLP structure for an IMF.

For existing entities that only need the IRDAI layer, see our IMF IRDAI registration process engagement.

• Entity type: Company, LLP or Co-operative Society - the name must contain "Insurance Marketing Firm" or "IMF".
• Net worth: INR 10 lakh (reduced to INR 5 lakh for a single aspirational district), with an annual CA net-worth certificate filed within 3 months of the financial year close.
• Principal Officer: an Associate/Fellow of the Insurance Institute of India, Institute of Actuaries or CII London; or a PG in insurance/risk; or a graduate with 5 years' insurance / 10 years' financial-services experience - plus 50 hours of IRDAI training and the IMF exam.
• Insurance Sales Person (ISP): minimum Class 12, ISP training and the IMF exam; at least one ISP per office, operating within the registered state.
• Professional Indemnity cover: mandatory throughout registration - 2x preceding-year remuneration, with a minimum equal to net worth.
• SBI account: a State Bank of India account in the IMF's name is mandated for paying the IRDAI application fee.

• Form A - the IMF application on the imf.irda.gov.in portal
• ROC incorporation certificate showing "Insurance Marketing Firm" in the entity name
• MoA/AoA (or LLP Agreement) and the entity PAN
• NOC as required under the IRDAI regulations
• State Bank of India (SBI) account details in the IMF's name
• CA net-worth certificate evidencing INR 10 lakh net worth (INR 5 lakh aspirational district)
• Principal Officer qualification, 50-hour training and IMF exam certificates
• ISP qualification, training and IMF exam certificates
• 3-year business plan and organisation chart
• Infrastructure photographs of the office premises
• Insurer consent letters for the proposed tie-ups
• Fit & Proper declarations for the directors/partners and Principal Officer

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.

Professional service charges for drafting, filing and coordination are separate from statutory fees. The exact fee depends on entity type, insurer tie-ups and the readiness of your Principal Officer. Contact us for a detailed quote.

Get a free IMF-for-advisors consultation in Delhi - Call +91 945 945 6700 or WhatsApp us. No-obligation assessment.

Note: an IMF differs from a Corporate Agent too - a Corporate Agent can tie up with 9 insurers per category (27 total), whereas an IMF is limited to 2 per line but operates independently with its own ISPs.

Patron supports the full IMF journey for advisers in Delhi:

• IMF Services - the full directory of IMF setup and compliance offerings
• IRDA IMF Business Registration in Delhi - combined MCA incorporation + IRDAI registration
• IMF IRDAI Registration Process in Delhi - IRDAI-only engagement for existing entities
• ISMP Certification & ISP Appointment in Delhi - training, exam and cert management
• IMF Compliance Retainer in Delhi - annual returns, renewals and net-worth certificates
• IMF: Private Limited vs LLP - entity-type decision framework

Every month without an IMF is insurance revenue your clients spend elsewhere. Because an individual SEBI RIA cannot earn insurance commission, a separate, segregated IMF is the only compliant way to capture it. Registration is now perpetual, so the setup is a one-time build with lasting value.

Start now - Call +91 945 945 6700 or WhatsApp us.

For a SEBI Registered Investment Adviser in Delhi, an Insurance Marketing Firm is the compliant bridge between advice and insurance distribution - a separate, IRDAI-registered entity under the IRDAI (Registration of Insurance Marketing Firm) Regulations 2015 that keeps your advisory practice segregated while adding a genuine insurance revenue line.

Patron Accounting delivers the complete build: entity incorporation with the correct name, the mandated SBI account, the CA net-worth certificate, Principal Officer onboarding, IRDAI Form A filing on imf.irda.gov.in, and insurer tie-ups - plus ongoing compliance to protect your now-perpetual registration. With 10,000+ clients served and 15+ years of CA & CS expertise, your IMF is built right the first time.