(1)Investment advisers who are non-individuals shall have a net worth of not less than fifty lakh rupees.Explanation. - For the purposes of this regulation, "networth" means the aggregate value of paid up share capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses, deferred expenditure not written off, including miscellaneous expenses not written off, and networth requirement for other services offered by the advisers in accordance with the applicable rules and regulations.(2)Investment advisers who are individuals shall have net tangible assets of value not less than five lakh rupees:Provided that existing investment advisers shall comply with the networth requirement within three years from the date of commencement of the SEBI (Investment Advisers) (Amendment) Regulations, 2020.]
