Fee Only India (FOI) is an informal association of like-minded, client-centric SEBI-registered investment advisors (RIAs) in India who share one common philosophy — the client’s interest always comes first.
In this article, Melvin Joseph, one of the oldest SEBI RIAs and a founding member of FOI, explains what sets FOI apart. Over to Melvin.
To understand the need for an organisation like FOI, it is important to look at the current landscape of investment advisory in India.
Registered Investment Advisors (RIA) Regulations in India
Until 2013, there was no formal regulatory framework governing Investment Advisors in India. In 2013, the Securities and Exchange Board of India (SEBI) introduced the Investment Adviser Regulations. These regulations were subsequently modified in 2020, 2024, and 2025 to strengthen investor protection.
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As of today, any graduate can apply for an Investment Adviser licence after clearing the XA and XB examinations conducted by the National Institute of Securities Markets (NISM).
Despite this regulatory structure, the total number of Registered Investment Advisors (RIAs) in India remains around 1,000. The number is not growing significantly, and not all registered advisors are actively practising. This indicates a nationwide acute shortage of qualified Investment Advisors.
Different Types of Advisors
Within this small group of RIAs, there are different categories based on their fee structures and service models:
(a) Percentage-Based Fee Model
Some advisors charge a fee as a percentage of the client’s assets.
For example, if you have assets worth ₹3 crore and the advisor charges 1%, the annual fee will be ₹3 lakh. If the portfolio grows to ₹3.2 crore next year, the fee will be ₹3.2 lakh the following year.
SEBI regulations currently permit advisors to charge up to 2.5% of assets under advice as a fee.
While this model aligns fees with asset size, over the long term — especially with disciplined investing — the absolute fee paid can become substantial.
(b) Flat-Fee Model
Other planners charge a fixed annual fee, irrespective of the client’s asset size.
SEBI regulations permit a flat fee up to ₹1.51 lakh per year.
How is FOI Different?
While SEBI regulations help investors identify registered advisors, certain structural gaps remain. Fee Only India was formed to address these concerns.
1. Separation from Distribution. Non-individual RIAs can legally offer advisory services while their sister concerns engage in product distribution. SEBI IA regulations do not prohibit RIAs from earning commission income on products regulated by others – in particular, insurance products regulated by IRDAI. This structure may create potential conflicts of interest.
FOI members commit to a higher standard:
- No product distribution
- No commissions.
- No indirect advisory-distribution structures.
This ensures unbiased advice in letter and spirit.
2. Commitment to Flat Fees Only FOI admits only those RIAs who charge a transparent flat fee.
No asset-based percentage model is permitted within FOI.
This ensures:
Predictable costs for clients.
Alignment purely with client goals.
3. Curated Platform for Investors. While SEBI’s website lists all registered advisors, it does not distinguish between advisory models.
FOI was launched on September 24th, 2017, by a group of seven SEBI RIAs, along with M Pattabiraman and Ashal Jauhari (the owner of the FB group “Asan Ideas for Wealth”), who were chosen as patrons.
The goal was to identify:
- Advisors charging flat fees.
- Advisors committed to fiduciary standards
- Advisors who communicate in languages comfortable to clients
Today, FOI has 28 RIAs across India. Membership is based on strict eligibility parameters, making FOI a dependable platform for investors.
Governance and Ethics
FOI members voluntarily adopt standards that are stricter than SEBI’s minimum requirements:
- Only flat-fee advisory model allowed
- No product distribution in any form
- No sponsorships for events
- No commission income
Members meet expenses personally and focus on continuous professional development through:
- Regular webinars
- Peer interactions
- Annual meets
The most recent annual meet was held in Chennai on 14th and 15th February 2026.
Standing from L to R: Vikram Krishnamoorthy, Koladi Varghese, Brijesh Vappala, Vishal Shah, Swapnil Kendhe, Dhilip Krishna, Shashi Singh, Basavaraj Tonagatti,
Venkateshwaran Subramanian, S G Vivek and Jay Seth.
Sitting from L to R: Avinash Luthria, Sriram Jayaram, Sudheer Variar, Melvin Joseph, Akshay Nayak, M Pattabiraman, Priyadarshini Mulye, Upasana Mondal, S R Srinivasan.
Accountability and Feedback FOI periodically conducts structured client feedback surveys. These surveys, previously coordinated by Prof. Pattabiraman Murari, help members:
- Identify service gaps
- Improve communication
- Strengthen client experience
Continuous improvement remains central to the FOI philosophy.
Impact So Far
16,000 + families have been advised by FOI members.
The vision of FOI is simple:
To make ethical, fiduciary (client-first) and accessible financial planning
What we do and what we don’t do
We help the client create a Financial Plan, which generally includes life Insurance planning, health insurance planning, children’s higher education/marriage planning, and retirement Planning. We don’t suggest direct stocks, crypto, etc.
We only recommend direct plan mutual funds
How to Select an Advisor from FOI?
Investors can visit: feeonlyindia.com
To select an FOI advisor, explore individual advisor websites listed on FOI, contact them, and choose one based on your comfort level
You can rest assured that all advisors listed on FOI are SEBI-registered, charge only a flat fee, and are not engaged in product distribution.
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About The Author
Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 13 years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), LinkedIn, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
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