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The Finance Ministry today said as of October 31, 2021, there were around 2.75 crore mutual fund (MF) investors, 7.38 crore Demat account holders and 1,324 SEBI Registered Investment Advisors (RIA) in India.

Minister of State for Finance, Pankaj Chaudhary, in a written reply to a question in the Lok Sabha said as per the Securities and Exchange Board of India (SEBI) data, the ratio of mutual fund investors and Demat account holders to the Registered Investment Advisors (RIA) in India is around 76,510: 1.

Giving further details, the minister said there was a total of 3.5 crore Demat accounts at the end of 2018-19 in India. In 2019-20, the number rose to 4.09 crore. It saw a further rise to 5.5 crore and 7.3 crore in 2020-21 and 2021-22 (up to October 31, 2021), respectively, the minister said.

The minister also said SEBI (Investment Advisers) Regulations, 2013, were notified on 21.1.2013 to strengthen the regulatory framework for investment advisers. Subsequently, certain amendments to the Investment Advisers Regulations were notified on 3.7.2020, he said.

Answering a question on whether the high barriers to entry have led to the reduced number of authorised financial advisors in India, the minister said as per the information provided by SEBI, "the registered investment advisers have increased from 1,298 (as of June 30, 2020) to 1,324 (as on October 31, 2021)".

Also read: India has 1 investment advisor per 76,510 investors, says govt in Lok Sabha

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