Securities and Exchange Board of India (SEBI) has introduced the Centralized Fee Collection Mechanism (CeFCoM) to streamline and secure the fee payment process for investors dealing with registered Investment Advisers (IAs) and Research Analysts (RAs). Operational since October 1, 2024, CeFCoM is managed by BSE Ltd in collaboration with MF Utilities India Pvt. Ltd. It serves as an optional but secure and transparent platform for fee payments, distinguishing registered professionals from unregistered entities. Through CeFCoM, investors can pay fees using multiple channels including Net Banking, Debit Cards, Credit Cards, UPI/UPI Autopay, IMPS, NEFT, RTGS, eNACH, and even Cheques. SEBI encourages its use to ensure compliance and reduce the risk of fraudulent activities by unregistered advisors. As of June 10, 2025, over ₹5 crore has been transacted through CeFCoM, reflecting investor interest in using verified channels. This initiative is part of SEBI’s broader effort to enhance investor protection and transparency in financial advisory services.
Securities and Exchange Board of India
PR No. 32/2025
Centralized Fee Collection Mechanism for Investment Advisers and Research Analysts (CeFCoM) –
A secure and closed ecosystem for investors to pay fees to registered Investment Advisers and Research Analysts
SEBI encourages investors to pay fees to their investment advisers (IAs) and research analysts (RAs) through CeFCoM.
CeFCoM is a secure and transparent payment ecosystem developed with the objective of securing that investors pay fees only to registered investment advisors and research analysts. It is an optional mechanism.
CeFCoM is thus a payment mechanism that differentiates registered IAs and RAs from unregistered entities acting as IAs and RAs.
CeFCoM has been operationalised from 1st October 2024 and is managed by BSE Ltd in association with MF Utilities India Pvt. Ltd.
In CeFCoM, investors can make payment of fees through multiple payment modes such as Net Banking, Debit Card, UPI/UPI Autopay, IMPS/NEFT/RTGS, eNACH and even through Cheque and Credit Cards.
As on June 10, 2025, an amount of fees of more than Rs. 5 Crore has been paid by investors through CeFCoM.
Mumbai
June 12, 2025
