CSCRF tier
self-assessment worksheet.
Every SEBI-regulated entity falls into one of five CSCRF tiers — but classification uses entity-specific thresholds (clients, trading volume, AUM, AUC, folios, corpus) not a one-size-fits-all rule. This worksheet walks you through it. Offline companion to the online wizard.
How to use this worksheet
Three steps. Offline. No data leaves your desk.
- Find your entity category in the table below. Read the description to understand which metric determines your tier.
- Check your thresholds. Each column shows the range that maps to each tier. Locate where your entity falls. Circle your tier.
- Check exemptions. The rightmost column lists carve-outs. If you qualify for an exemption, you may be in a lower tier — or excluded entirely.
Multi-category rule: If your entity is registered under more than one SEBI category, the HIGHEST tier prevails. This is non-negotiable — CSCRF §2 item 23, reaffirmed Apr 2025 §4.
Example: A Stock Broker with 50,000 clients (Mid-size) who is ALSO a standalone DP (QRE) takes the higher tier → Qualified RE.
SEBI CSCRF Tier Self-Assessment Worksheet
Source: SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113 + amendments (Apr 2025, Aug 2025) · Last reviewed: 2026-05-06
| Entity category | Self-cert | Small-size | Mid-size | Qualified RE | MII | Exemptions |
|---|---|---|---|---|---|---|
| Stock Broker Use the higher of: active clients OR annual trading volume (₹ Cr). NOT AUM. | >1k–10k clients OR >₹1k–10k Cr | >10k–1L clients OR >₹10k–1L Cr | >1L–10L clients OR >₹1L–10L Cr | >10L (1M) clients OR >₹10L Cr | — | <1k clients AND <₹1,000 Cr volume → exempt entirely |
| Depository Participant (also Stock Broker) Use the Stock Broker threshold above — DP registration is additive, not separate. | (per broker — see above) | (per broker) | (per broker) | (per broker) | — | <100 clients → exempt SOC/M-SOC |
| Depository Participant (standalone — not a Stock Broker) Institutional DPs not registered as brokers — always Qualified RE. | — | — | — | Always Qualified RE | — | <100 clients → exempt SOC/M-SOC |
| AMC / Mutual Fund Tiered by Assets Under Management (AUM) in ₹ Cr. | — | <₹10,000 Cr | ₹10,000–1,00,000 Cr | ≥₹1,00,000 Cr (₹1 Lakh Cr) | — | None |
| Portfolio Manager Tiered by AUM. Post-Aug 2025 simplified to three tiers. | ≤₹3,000 Cr | >₹3,000–<₹10,000 Cr | ≥₹10,000 Cr | — | — | Self-cert + <100 clients → exempt M-SOC |
| AIF + VCF (combined at Manager level) Sum of corpus across ALL AIFs, VCFs, and schemes managed by the same entity. | ≤₹3,000 Cr | >₹3,000–≤₹10,000 Cr | >₹10,000 Cr | — | — | Self-cert + <100 clients → exempt M-SOC |
| Custodian Tiered by Assets Under Custody (AUC). | — | <₹1,00,000 Cr (₹1 Lakh Cr) | ₹1L–10L Cr | ≥₹10,00,000 Cr (₹10 Lakh Cr) | — | None |
| RTA / QRTA Tiered by number of folios. QRTA at ≥2 Cr folios receives MII obligations. | — | 10,000–<1 Cr | 1 Cr–<2 Cr | — | QRTA ≥2 Cr folios | <10,000 folios → excluded entirely; <100 clients → exempt SOC/M-SOC |
| Merchant Banker Post-Aug 2025: active MBs → Small-size; inactive → exempt. | — | All active MBs | — | — | — | Inactive (no merchant banking activity in review period) → exempt entirely |
| KRA Post-Apr 2025: demoted from MII to Qualified RE. | — | — | — | Always Qualified RE | — | None |
| Stock Exchange / Depository / Clearing Corp Systemic — always MII. | — | — | — | — | Always MII | None |
| CIS / CRA / Debenture Trustee Fixed at Self-cert unless exempt. | Always Self-cert | — | — | — | — | Debenture Trustee: no new issuer in 3 FYs → excluded |
| Investment Adviser / Research Analyst Post-Apr 2025: if registered in another higher category, take that tier. Otherwise exempt. | — | Registered in another cat → highest other | — | — | — | Individual IA: excluded; non-registered RA: SaaS declaration only |
Entities excluded from CSCRF entirely
- FPI / FVCI / LPCC / QDP / REIT / InvIT / Vault Manager → excluded entirely
- Individual Investment Adviser → excluded entirely
- Non-registered Research Analyst → excluded (SaaS declaration only)
- Stock Broker <1,000 clients AND <₹1,000 Cr volume → exempt
- Inactive Merchant Banker → exempt
- Debenture Trustee with no new debt issuer in 3 FYs → exempt
- RTA <10,000 folios → exempt
Your entity
Still unsure about your tier?
Multi-category entities, broker thresholds, KRA reclassification — CSCRF classification has edge cases. A 30-minute scoping call resolves them. We map your registration categories against the latest circulars and tell you which tier applies.