- The short — who’s impacted and how
- Deposit slabs & smart financing (illustrative)
- Cyber hygiene: minimum viable stack
- Cost-of-capital impact: examples
- Rollout plan & documentation pack
- FAQ
The short
- Why: Deposits act as prudential buffers and behavior guardrails for client-facing advice/research firms.
- Who: Individual and non-individual RA/IA entities; exemptions/reliefs may depend on registration class and history.
- What changes: Higher or tiered deposits, renewal proofs, and tighter cyber controls around client data.
- Good news: Instruments can be optimized (bank guarantee, FDR) to reduce cash drag if structured well.
Deposit slabs (illustrative) & smart financing
| Registrant | Clients (AUA) | Illustrative deposit | Form | Optimization |
|---|---|---|---|---|
| RA — Individual | < 200 | ₹2–5 lakh | FDR/BG | Use FDR lien; keep working capital free |
| RA — Non-individual | 200–1,000 | ₹10–25 lakh | BG + FDR mix | Stagger maturities, ladder renewals |
| IA — Individual | < ₹25 cr AUA | ₹5–10 lakh | FDR | OD against FDR to offset opportunity cost |
| IA — Non-individual | ₹25–100 cr AUA | ₹25–50 lakh | BG | Corporate guarantee where eligible |
| IA — Large | > ₹100 cr AUA | ₹50 lakh–₹1 cr | BG + FDR | Blend bank lines; negotiate BG margin |
Note Numbers are directional; align to your registration letter and latest circulars.
Cyber hygiene — the minimum viable stack
Identity & access
- Mandatory MFA for email, CRM, and PMS/RMS consoles.
- Quarterly access review; no shared admin accounts.
Data & devices
- Client data encrypted at rest; device disk encryption enforced.
- DLP rules for PAN/Aadhaar patterns; redaction on exports.
Ops & records
- Ticketed change management for model updates.
- 90-day log retention; breach drill every quarter.
Cost-of-capital impact (illustrative)
| Case | Deposit | Funding | Annual carry (8% proxy) | Mitigation |
|---|---|---|---|---|
| Solo RA | ₹5 lakh | Own cash | ₹40,000 | Convert to FDR + OD; net carry ~₹10–15k |
| IA boutique | ₹25 lakh | 50% BG / 50% FDR | ₹2,00,000 | Negotiate BG margin; raise annual fee 10–20 bps |
| Mid IA | ₹75 lakh | BG | ₹4–6 lakh (fees) | Three-bank RfQ; link fees to CASA flows |
Rollout plan & documentation pack
- Week 1: Confirm slab; RfQ to 3 banks for BG/FDR terms; draft Board resolution.
- Week 2: Freeze cyber stack; update client data policy; appoint ISMS owner.
- Week 3: Execute instrument; file proof; update website disclosures and client agreements.
- Week 4: Run breach drill; maintain deposit register & renewal calendar.
Checklist Registration letter · Net worth proof · Board resolution · BG/FDR receipts · Cyber policy · Incident runbook
FAQ
- Can I split the deposit? Yes, subject to instrument types accepted; ensure lien/beneficiary details match format.
- Will fees rise? Likely marginally; communicate value (security, continuity) alongside.