[NOTE: the process has become online, however much of the steps are still valid]

We have received a few requests from agents and CFPs for getting listed on finvestor.in. At finvestor.in only SEBI Registered Investment Advisors (RIA) are listed and we are listing down the process on how an individual can apply to SEBI for becoming an RIA. For companies and firms, the process is the almost the same except for the deposit amounts being higher and a few more declarations. The process described below are sourced from the internet and also the personal experience of the Authour in getting registered for SEBI RIA as an Individual entity.

SEBI1

Before we proceed, we should remember that becoming a SEBI RIA means a change in the way a CFP/agent would change the revenue model and business practices. It is not an easy change. The CFP/Agents must be aware that commission based selling is no longer acceptable for a SEBI RIA. Fee only advisory is not the easiest market to flourish unlike distribution business where a “sell & run” model can survive.

Forms and Instructions

The best way to enroll for anything that is regulated is to follow the steps mentioned in the official website. SEBI, like all Government agencies, has detailed the process very well.  As of writing this post, the link to SEBI RIA Regulation 2013, http://www.sebi.gov.in/cms/sebi_data/attachdocs/1369826090264.pdf

The steps mentioned are very clear, however, the biggest problem an applicant faces is the form A! There is practically no readily downloadable form IA, and the form mentioned on the link http://www.sebi.gov.in/cms/sebi_data/attachdocs/1358779330956.pdf  is just a bunch of instructions complied together. For the sake of convenience, we can create a Word form that an applicant can use. Please do remember to refer to the form IA on the official website to check for any discrepancies. (Please note that this is not an official form, but made by finestor.in to aid and help you draft your own form. You are free to make changes to this form)

You can download the form from here=> SEBI IA Form

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What documents to be sent?

A Cover letter listing your documents is attached for download. The list of documents that goes along with the covering letter (download from SEBI Cover Letter) are

  1. Demand Draft of Rs 5000/-
  2. FORM A Completed in all aspects
    1. Should Include the Questionnaire
  3. Education Certificate: Copies PG/MBA
  4. NISM – Copies X A & B Pass Certificates. Or other relevant exam
  5. Copy of proof
  6. Copy of Address proof:
  7. Copy of Income Tax Returns.
  8. Copy  of CA Report of Individual Net worth
  9. Original CIBIL Score and detailed report.
  10. Photo Attached if required.

Where to send?

The list of documents must go to your local office. You may need to check from SEBI website to get your Local Body office. The attachments here are having Mumbai address as applicant is from Pune.

A few details explained.

Exams

Education and exams passed by NiSM. Education you must submit copies of your PG or advanced courses in management, business, economics. Without these SEBI is likely to reject your application.

For exams, the best bet is to pass the two exams NiSM X-A and X-B. The X-A is an easy exam, however for X-B, you need to prepare well, as that exam contains sections for laws, rules, regulations and plenty of calculations.

Net Liability

The attestation of your assets and liabilities from a CA is a must. The document should not be more than 6 months old. For most RIAs, CAs would be in their network, however in case your don’t find one, you can find them at vakilsearch.com or myonlineca.in these sites act as listing sites for CAs. For individuals, 1 lakh of net asset is expected, which ideally should be there for most applicants. It may also do well to add any house property to prop up the net worth.

Risk Profiling Questionnaire

A risk profiling questionnaire is an important document to submit. This document can your already existing risk profiling excel sheet queries, or you may wish to prepare a new one. Remember to post your calculation of results or write how you classify and categorize your customers into various risk categories. The questionnaire has to be extensive and can’t be a simple yes/no five question listing. SEBI is very strict regarding this especially for applicants who don’t have significant previous experience.

Declarations

Remember to sign all declarations in a separate page. Signing everything in a single page may create confusion in the checklist that SEBI maintains. Signing in separate pages will enable easier verification of your form.

Post verification of application

Once a SEBI Official verifies your details, you may get an email or postal letter detailing you about the further process.

Post the application of the form, you will get a notification from SEBI to deposit Rs 10,000/- DD in the name of SEBI.

The post covering letter is attached for your reference SEBI Final Form.

If you have any queries, please feel to write in the comments section.

author avatar
Finvestor Social Media
Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

By Finvestor Social Media

Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

147 thought on “How to Register as a SEBI Registered Investment Advisor (RIA)”
  1. Very Nice Article sir, please updated myonlineca.in ( For Finding Good CA’s in any city of India) instead of .com , Thanks for mentioned us..

  2. sir i want to apply for for sebi registered investment advisor what is the minimum cibil score required and which score they may reject.please kindly share this information

    thank u sir

    1. Dear Mr Subbaraju,
      There is no minimum score that SEBI has mentioned in the documents. SEBI has mandated that you should have Rs 1Lakh as Net worth from all your bank, assets etc.
      If you have a lot of debt or have defaulted in multiple cases in past, then your CIBIL will be low. But that is not mentioned as a criteria for rejection in the SEBI forms.

  3. Great article.
    Just wanted to know if i want to provide advisory service in derivatives , which is not intraday but positional, is there any issue in getting this sebi registered IA.

    Do i need to follow some other process ?

    1. Hello Sunny,
      Advisory in any financial services would need you to be registered with SEBI as an RIA. Becoming an RIA is preferred, even though as an individual you would need to pay around Rs 15,000 overall. However, the advantage is that later, if you move across instruments like insurance, you don’t have to register for any other advisory services.
      As of now for any suggestion/comment on any financial instrument you need to be a SEBI RIA.
      Thanks!

  4. Dear Sir,

    I want to know about the time line after submission of post verification of application, I have submitted with demand draft of 10,000/- .

    So how long it will take for getting certification?

  5. Dear Sir,

    Please let me know about the process after sebi registration, like how should I maintain the clients ??, risk profiling and all..

    1. Hello Rahul,
      SEBI does not have any specific software or format to store the client details.
      You can use an excel sheet or Google Sheets for almost all purposes, including client risk profiling and also maintaining the client details.
      For most compliance purposes SEBI can randomly ask RIAs to share aggregate information, ie how many clients, and demographic details. SEBI will never ask for personal details.

  6. Sir I have passed NISM 10 A & B I would like to know is there any experience certificate or so required.

    1. Hello Nitin,
      You do not need any experience certificate to file for SEBI RIA. If you have any that would be great, but SEBI does not require any financial planning experience to grant IA certificate.

  7. Hello, i just wanna know that, i have passed investment advisor level 1 and 2, and 6 other nism certifications including research analyst one, i have also qualified 26 ncfm exams, which includes fundamental analysis and portfolio management, i have been also awarded as NSE certified market professional(level 5) but i am a graduation drop out. I have experience of 4 years as sub broker. Will I still get awarded investment advisor registration? If i fulfull all other requirements like good cibil score etc.

  8. Hello,

    Thanks for the valuable information. If a LLP wants to become a registered Investment Advisor, do you know the fee that the LLP has to pay.

    Thanks

  9. We run a startup http://www.squareoff.in that provides automated trading platform , which places automatic trades into customer account based on technical patterns. We deal Nifty futures derivatives segment only. Will becoming a Sebi registered investment adviser is mandatory or will it be helpful for us as we deal with derivatives segment through algorithm ?

  10. sir,
    please provide me full documents in word formate for applying SEBI Registration.

  11. i am planning to float a partnership firm. where currently distribution of mf and sub broker of nse is in my name and insurance distribution is in my brothers name..Planning to start fee based advisory services. what would be recommended ..Planning to carry on both advisory and distribution business under one roof. we are two brothers.. Pls guide us cost effective way for RIA registration

  12. Dear All,

    We would like to know whether an employee of a Company is eligible for registration as Investment Adviser under SEBI (INVESTMENT ADVISERS) REGULATIONS, 2013.

    Regards,

  13. Sir,
    I am a Science Graduate and have :
    1. Certificate in Technical Analysis from BLB Institute of Financial Management.
    2. NCFM , Technical Analysis Module.
    3 CMT , Level 1 from MTA ,USA.

    But i dont have any knowledge of Financial Planning.

    So, how should i proceed for RIA ?

    Do , i need to clear NISM 10 A & B modules as well ?

  14. I want to register a partnership firm as Investment Advisor, i am also a partner of the firm and passed the NSIM exam also, but other partner is just graduate and he also has not passed NISM exam, but i will only offering investment advice.

    so can I register my partnership firm with SEBI

  15. sir, i clear the nism level 1 and 2 but in mcom final year i pass with one subject atkt so in that case can i apply for sebi registration IA or i alreay applied for atkt exam but still my exam not started

  16. sir, i clear nism level 1 2 but in mcom final year i pass with one sub atkt so in that case can i apply for sebi registration for IA , i already fill exam form of atkt but exam date still pending..in that case i want applied for IA registration… can i applied or wait for examination results..

  17. i am a graduation drop out, but i have passed NISM 10 A & B,brother was a graduate ME EEE,
    its possible for register a partnership firm,

  18. Can I apply for SEBI registration as an individual, if I already have a registration as a partnership firm?

      1. I am applying for RIA under body corporate, where we will keep both MFD and IA through SIDD. we are already in this MFD business for the last 15 years. we need a certain tool for record maintenance. If some provide me this tool I am happy to subscribe or purchase such tools. my email. midaswealth74@gmail.com

  19. sir i clear nism exam 1 or 2 level and i m also sent my dd for seboi but no confimation please details for sebi investment advisor department officer name mobile number.

  20. I m a doctor but have passed NISM -1 & 2 Exams , can I get the IA Certification without any experience .

  21. Brother, Can I apply for SEBI registration as an individual,???? if I already have a registration as a Private limited,i Am one Of The Director Of That PVT LTD And Also i am a Graduation (Bcom) Only Not PG,But Working in 2008-2010,2010-2013 Equity Dealer In a Broking Firm ,2013-2016 AP in the Broking Firm and also Above 8 Year Experience in the Stock Market.. i have passed NISM Certificates 8,10 (a,b)& 15(research analyst) if possible to RIA registration as an individual??

    1. Hello,
      Your profile seems impressive. You can apply to register as an Individual, however, you may need to be mention that you distribution wing will not be interfering in your advisory services.

  22. me and my friend have decided to star a partnership firm, i m the investor and he is adviser, he has PG, NISM certificates and 2+ Yrs of Experience as adviser, so is there any trouble to start the firm. i don have any of this qualification.i just want to be investor and equal partner, thank you in advance.

  23. Heloo Sir,
    I want to get registered as IA, and have done MBA in finance plus 2 years experience in advisory field. but my NISM 10 A & B certificates are expired so what I have to do sir..?

  24. Hi Sir,
    I cleared NISM CIA both levels. Recently I filed Form A with SEBI. I am a B.com graduate , but didn’t attach my experience certificate. After 20 days of my filling , I received the letter suggesting to show either PG certificate or 5 yrs experience certificate. Now I am really worried about what to reply. I have been tracking financial market for last 8 years personally but didn’t work under any organisation as such. How to figure this out ! Is there any possible way to show 5 yrs experience ? Does personal write ups or acheivement will prove ! Thanks in advance, Eagerly waiting for your reply.

    1. Hello Madhumita,
      Mere tracking of financial markets is not enough. If you can show, personal write-up as a freelancer and add a few recommendations from existing customers, that would be great. Unfortunately, the exact details from SEBI are very difficult to gauge.

  25. Dear Sir,

    I want to know that, Is there any compulsory rule of voice/audio recording (In between executive & client ) for SEBI registered Investment advisor ???

  26. Hello Sir,
    I am having an experience around 5 Years in Investment advisory services with a Post Graduate Diploma. I am also doing stock broking business as an Authorised Person of a Main Broker,but broking business is solely in my wife name and it does not have a direct financial link with my advisory firm. We offer these services from a single office.
    Now I would like to register as an Investment Adviser with SEBI under a new firm where I can run both these business (advisory and broking as AP)
    Can I apply for RIA under a Partnership Firm because I have seen that Net worth can be around 1 Lac for a partnership firm.
    Or is it mandatory to create a new LLP firm for apply as RIA ,if I offer execution service to my clients as an AP of a main broker with separate identifiable department?
    I could not find any helpful article on this across internet, pls help
    Regards,
    Ramesh

    1. Hello Ramesh,
      This would be a tough call. Right now, SEBI asks for the RIA to keep an arms distance from any distribution division and ensure that it is not interfering in the RIA’s advisory to the client. However, SEBI can change the rules later if it finds that there are many who are misusing the definition of arms length.
      If you can maintain good records, and also ensure that your clients are happy with your ethical practices, then based on the cost front it would be good to have just one LLP. Remember, having LLPs are not easy to maintain too

  27. Sir I have mba finance degree, I want to start advisory business , so can use others nism certificate for sebi registration

  28. Hi
    I have applied for RIA on 1st week of November BUT today is 17th December ( almost 1 and half month over ) and I have not got any official letter by post ,

    I have got emails to register one month ago but now I have got with http://www.silogin….. USER ID & password

    but whenever i login there , the worklist is empty and Notification column is also empty

    So my question are ,

    1. is it normal procedure ?
    2. how much time , they normally take for Registration ?
    3. Should I take any other Step ?

    I m very thankful to you that I have got a lot of knowledge from this forum .

    1. Hello Sameer,
      The SEBI Process takes about a month to complete, if all the documents are in good order.
      There are no additional steps needed for the RIA registration apart from what is mentioned in the SEBI site

  29. Dear sir’
    I have done C F A from Icfai whether I can seek exemption from Nism both level exam for I A registration.
    If yes I wish to register as partnership firm would like to know that all partners are require to give exam of nism.

    1. Dear sir’
      I have done C F A from Icfai whether I can seek exemption from Nism both level exam for I A registration.
      If yes I wish to register as partnership firm would like to know that all partners are require to give exam of nism.

  30. Hi

    can you please provide the TEMPLATE or FORMAT for “Copy of Assets and Liabilities Statement and Certification of net Tangible Assets “

  31. If i am submitting document at New Delhi. So Demand draft have to be payable at New Delhi or Mumbai? Thanks In Advance.

  32. If I am an individual and after getting registration as an individual wish to carry out activities through a sole-proprietorship firm, then can i apply for registration as an individual or i have to apply as a sole-prop. firm?

  33. Do I need to self-attest the attached documents or only xerox copy without attestation will do?

  34. how to apply RIA ? i have registered partnership firm, by name smart investors, with my husband can we apply RIA by same firm and what are the document required pls guide as

    1. Hello,
      You need to apply in the name of the firm, and provide the documents listed in this article and also as per SEBI website. The key documents are, educational qualiification (PG in economics, statistics, MBA etc), net worth statement from a CA, risk profile questionnaire, and the duly filled up form from SEBI.

  35. If a person has not ever filed tax return because they never had any income tax liability in past (but do fulfill the net worth criteria), what should be done in such case? Moreover is CIBIL score mandatory?

  36. Thanks Finvestor for the guidance.This thread have helped me immensely to get things done smoothly. I recently got the confirmation from SEBI approval for Investor Advisor license. Since they confirmed within a week I would get it. I have started working on my own website. Thus it would be great if you could guide with an article on Declaration and general guidelines as an Investor Advisor needs to be followed. Thanks in advance. Eagerly looking forward to it.

    1. Thank you for the kind words! We shall surely type in a detailed article on the post registration process too!
      Post registration, you would need to follow the high level guidelines mentioned in the circular, a few of which are:
      1. Maintain KYC details of your clients.
      2. Maintain risk profiles of your clients.
      3. Ensure that you respond to each of the emails from SEBI regarding compliance
      Thank you again!

  37. Hello Sir,
    I am a Mutual Fund Distributor registered with Association of Mutual Funds in India (AMFI). Please advise, what is the advantage to become SEBI Registered Investment Advisor. Can I continue to get commission as MF distributor after becoming SEBI RIA.

  38. hi sir, i got SEBI Individual registration,
    so i want to start 2 websites for run business,

    is it ok…or we have to maintain 1 website only..kindly reply ,thank q somuch

  39. sir now i am just done mba with finance …. what will i do next for sebi registration ..

    1. Hello Yogendra,
      You would need to follow the instructions on the SEBI website – download form A, fill it up in all aspects, you need to provide documents such as NISM Advsior A and B pass certificates, 3 years CA audited report certifying your income (min assets Rs 1 lakh), education certificates, and of course the registration fee.

  40. I have Bsc Degree and Msc in Information Technology.
    I have cleared both NISM exams for advisor.
    I do not have experience of 5 years but i want to apply with some fake experience letter.
    Will SEBI verify experience certificated by actually doing background verification?

  41. Hi Sir,

    I have worked as investment advisor from 2001 to 2008 and then moved into software field. Recently i wanted to start my advisory firm. Can i do that since its been long time i have not been in advisory related things. I can easily clear NISM certifications.

  42. If someone is a director of a SEBI RIA Private Limited Company, can he apply for Individual SEBI RIA licence separately?
    Thankingyou in anticipation.
    Regards.

    1. Hello – This is a tough one. The rule does not say that this not possible. And why should there be an issue. However, please note that SEBI asks details on ownership of firms. So if you wish to be an Individual RIA, nothing as per book stops you from doing it. You may just want to declare it with SEBI during the application process.

  43. hello sir,
    I am an mba in finance with ism exams cleared, plus i do have all the required documents. Only my Amba degree is awaited. I do have marksheets of all the semester with good percentage. Can i apply for SEBI RIA registration without degree but with all the marksheets.
    please help , thanks a lot in advance.

  44. hello sir,
    i am about to complete my MBA in finance and would like to get sebi IA registration. I have given NISM IA LEVEL 1 and 2 successfully. I have obtained CIBIL report and net worth certificate. can you please guide me with the questionnaire and anything important . do they provide the registration asap or they delay it.thanks in advance. any advice will be of great use.

    1. Hello,
      the registration process takes about 5 to 8 weeks. The questionnaire that you prepare has to be in line with many you find over the web – you may want to check popular banks such as Citi, ICICI’s offering.

  45. Hello sir,
    I am a mba in finance. With all documents properly arranged and available.
    I have registered a pvt ltd company on my name for my advisory business. So do i need to get sebi ria certificate as an individual or the private limited company.
    Thank you

  46. hi sir
    i want to open one investement company which offer all investement services like
    mutual fund
    corporate fds
    insurance
    forex
    commodity
    equity
    and all in multiple countries of world
    so can u guide me for it

    please can contact me in personnel
    Darshan Sanghavi
    robo.sanghavi@gmail.com
    mobile :- +91 8401350976 ( whatsapp )
    +91 8200303481

  47. Hello Sir,

    We have a Registered Sub Broker in my partners name and we have active clients making trades/investments in this sub broker.

    We now plan to start advisory services, can my partner clear the Exams ,register as a RIA and can we do advisory business in his name?

    Confused with SEBI wording “Arms distance” !!!

    1. Hello Sidharth, The Arms distance means there should not be any selling of any specific product wrt to your financial advice. ie you cant say Buy 1 Cr insurance and then the next moment sell a ICICI Prudential Insurance policy just because you have a tie up with ICICI.
      NOte: just mentioning ICICI as an example, and I have nothing for or against ICICI 🙂

      1. Thanks Finvestor,

        Another Quick query, The requirement says 3 years ITR.
        what if i have just for the last 2 years ? This year and the last one.

        Will they accept ?

  48. Sir I want to know . I. Have done MBA in industrial relationship and personal management (IRPM) . And I have passed L1 and L2 nism certificates.sir am I eligible for RIA sebi registration.

  49. Sir i have done B.sc in computer application then i did MBA in marketing management,i have also 3 years experiance working in an advisory firm after passing Nism IA level 1 and 2 exam can i apply for RIA or I will have to do also any PG degree or diploma related to to finance/banking/business managment/economics, because my specialization in MBA was in Marketong management only,plz help me, thanks in advance

    1. Hello, since you have done MBA, you can apply as a SeBI RIA. However, did you work in the advisory firm as an advisor or as on sales? If you were on advisory then you can use that experience, else the experience does not count

  50. Hello Sir,
    I have Graduate in B.Com. and Pass Both Modules of Nism IA. So can i apply for Certificate for IA.

  51. Also i am in stock market since 2006 and Ex-employee of Sharekhan Ltd. (work in sharekhan 2007 to 2009).

  52. Hello Sir,
    I have Graduate in BBA & MBA running 2nd sem completed and i want the individual sebi registration what can i do. and Pass Both Modules of Nism IA. So can i apply for Certificate for IA.

  53. I have acquired an individual RIA license with SEBI — My ex-collegue and friend wants to join to — hence thinking to make a partnership firm . He too is qualified , experience and certified –
    we both intend tomake financial plans for clients —

    Can I just update SEBI on the partnership firm and license continues in my name
    Do I request SEBI to issue license in partnership firm

    1. Hello,
      If you and your friend create a company or partnership firm, then you need to register as a firm. You cannot use the Individual RIA license. It may be cheaper to have your friend register as an Individual RIA.

  54. Hi,
    I am director in a Private Limited Company. I want to register as a RIA. Can I operate as RIA with a Sole Proprietorship?
    Do I need to register the Sole Proprietorship before applying for SEBI Registration?

  55. Hello,

    We have created a partnership firm and want to deal with stocks and mutual fund investment. we are planning to start getting investments from friends and family initially and invest their money through this firm.

    Can we do that by getting the firm registered as Investment adviser?

    which form do we need to fill in from Sebi for getting this certificate?

    is there any other document/ certificate that we will need to start off with the business?

    also, please send in your contact details in the email so we could contact you directly for further consultation professionally.

    1. Hello Ruby,
      If you want to invest on behalf of family and friends, then that will come under Portfolio management and not Investment Adviser. And SEBI has a separate registration process for SEBI PMS (Portfolio Management Services).
      If you wish to take the RIA route, then you can advise your clients on where they have to invest. You cannot take their money and invest on their behalf.

  56. in your Ia form a .you mentioned that IA would not give trading calls. but most of the investment advisory gives intraday trading calls .how to tackle with it.

  57. i would like to register for mutual distributor and master franchise under proprietorship …hence to whom should i contact for further process

  58. Hi,
    Thanks indeed for publishing this useful resource. Your article is very informative! I am currently working in the IT Sector and have an MBA degree. Am contemplating on becoming a RIA but presently being in job. As do not wish to jump full time in it yet. Will this hamper the application acceptance chances?
    Could you please advise how should I go about this in the application (if you think I should go ahead with my application)

    Regards,
    Prateek

  59. Hello,

    I have MTech degree in Engineering. I am working in University currently. I do not have any experience in finance related fields. If I clear NISM certification exams, is it enough for getting registered as IA? Is MTech considered as required educational qualification? Please suggest. Thanks

  60. I am an MCA and having 8 years work experience in banking IT sector. I had completed CAIIB. Whether I will satisfy the eligibility criteria for RIA if I complete both levels of NISM investment advisor course

    1. Please note that we can speak on behalf on SEBI and it is best that this query be raised to SEBI directly.

      our thoughts are that CAIIB *may* be considered as an education eligibility. Ensure to highlight that in the form.

  61. An important question. If my friend has certificates of nism both and hv degrees in mba fin. So shall I register a firm of our own suggested name with partnership of both as sole proprietor. I myself has not such background but i m an investor. Will it require 1 lakh or 25 lakh as a deposit to sebi. Simply we want to open an advisory firm.

    1. Since you want to start, it is better to go partnership mode and see your business growth. You can always then convert to a PVT.partnership is way cheaper from compliances point of view such as CA fillings etc.

  62. I am a doctor. I have been trading actively in the markets since last 12 years. I have a n extensive knowledge of technical analysis. Also have a youtube channel on technical analysis. I have cleared Nism exams. Is my experience enough to qualify for RI certification?

    1. You may need to ask your local SEBI office and get confirmation. Since you have experience, you can apply for a licence.
      But remember, would anyone who has been operating a medicine store be taken as a doctor in a hospital? 🙂

  63. I am unable to upload my documents in 2 sections. As soon as I click save, it doesn’t save the data and takes me to login page. I have only 1 day left, else my fees will be wasted. Please help

  64. I have distance Mba degree in Finance and I am Working in private firm for the last 5 years.Am i eligible for applying Sebi Ria after clearing relevant Nism exams? can i work as a Freelance advisor apart from doing regular private Job?

  65. willing to apply for RIA . i am post grauadte in forensic science and more than 5 years experience in finance and capital market also clear CISI exams one for india and one for UK

    do i need to clear NISM as well

  66. Sir I want to file the application for RIA, however, i have never taken a credit in my life, no loan or no credit card, accordingly, i dont have a CIBIL score, because CIBIL score gets created only when the credit is taken. How can i file the application? if i give a declaration to SEBI that i dont have a CIBIL score because i have never taken a credit, will that suffice?

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