Quick Summary
Centrum Investment Advisors Limited holds SEBI Investment Adviser registration INA000001761 since May 2014, operating as part of the wider Centrum Group alongside a separate Portfolio Management business. Investors can choose between an AuA-based or fixed advisory fee, but the website never states what either rate actually is. Six complaints appear across a decade of disclosure, recurring in four separate years, all shown as resolved. The site’s marketing leans heavily on institutional language and named industry awards, worth reading alongside, not instead of, the actual fee and complaint detail missing from the same pages.
Centrum Investment Advisors Limited, often shortened to CIAL, is part of the Centrum Group, a financial services house established in 1997, and holds SEBI Investment Adviser registration INA000001761 since 20 May 2014.
Like several firms in this space, Centrum runs both an advisory business and a Portfolio Management business under the same brand.
What is worth checking carefully here is the fee, which the site describes in structural terms without ever naming a rate.
This page works through the registration, the fee structure, the complaint record and its disclosure gap, and the promotional language carried across the homepage and the about page.
Centrum Investment Advisors Limited
Centrum describes itself as providing institutional-grade, research-driven investment solutions to HNIs, UHNIs, family offices and corporate treasuries, built around a proprietary EDGE framework covering Earnings, Deep Dive Research, Governance and Execution.
Beyond pure advisory, the firm runs discretionary and non-discretionary Portfolio Management strategies under names including Centrum Microcap, Centrum Good to Great, Centrum Built to Last and Centrum Flexi Cap, spanning different market-cap segments and holding period approaches.
The wider Centrum Group states a presence across 140-plus cities and 1,600-plus professionals, with group assets under management quoted above USD 5 billion.
Those are group-level figures, not specific to the advisory business carrying INA000001761, worth keeping separate when sizing up this particular licence.
Hiral Ramesh Shah is listed as the registered contact person for the Investment Adviser business.
None of this establishes wrongdoing, and nothing further on this page does either.
Where a registered adviser’s conduct does cross a line, the formal escalation route is set out toward the end of this page.
Is Centrum Investment Advisors SEBI Registered?
Yes, and the registration is confirmed on SEBI’s own published Investment Adviser list.
| Particulars | Details |
|---|---|
| Name | Centrum Investment Advisors Limited |
| Registration No. | INA000001761 |
| [email protected] | |
| Telephone | 919860760417 |
| Registered Address | Centrum House, CST Road, Vidyanagari Marg, Kalina, Santacruz East, Mumbai, Maharashtra 400098 |
| Contact Person | Hiral Ramesh Shah |
| Validity | May 20, 2014, Perpetual |
What The INA Prefix Permits
The INA prefix marks an Investment Adviser, a licence that permits personalised, fee-based advice built around a client’s goals and risk profile.
Portfolio management itself, discretionary control over a client’s holdings, is a separate activity, which is why Centrum’s PMS strategies run under their own, separate SEBI Portfolio Manager registration rather than this one.
Keep AuA And Advisory Assets Distinct From The Fee Question
Centrum’s investment approach is built around strategic asset allocation, product selection and portfolio construction tailored to each client, with execution available either in-house or through a third-party platform of the client’s choosing.
None of that description, however detailed, substitutes for an actual fee figure, which is the gap covered next.
What Is Centrum Investment Advisors’s Pricing, Is It Published?
The fee rate itself is never disclosed.
The website states clients can choose between an “AuA-based or fixed fee structure,” but neither the percentage rate, the fixed amount, nor the billing frequency appears anywhere on the public site.
There is also no explanation of how an AuA-based fee would actually be calculated, including the valuation basis used or how often it gets billed.
A client choosing that option has no way to estimate the annual cost in advance from the website alone.
No payment terms, refund provisions, or other fee-related conditions accompany the Investment Advisory section either.
Ask for the specific rate, in writing, before signing anything, and confirm it against the ₹1,51,000 per family per year ceiling if you fall under the non-accredited individual or HUF category that cap applies to.
What Does Centrum’s Complaint Disclosure Show?
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2017-18 | 0 | 0 | 0 | 0 |
| 2018-19 | 0 | 0 | 0 | 0 |
| 2019-20 | 0 | 1 | 1 | 0 |
| 2020-21 | 0 | 0 | 0 | 0 |
| 2021-22 | 0 | 2 | 2 | 0 |
| 2022-23 | 0 | 0 | 0 | 0 |
| 2023-24 | 0 | 0 | 0 | 0 |
| 2024-25 | 0 | 2 | 2 | 0 |
| 2025-26 | 0 | 1 | 1 | 0 |
| 2026-27 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 6 | 6 | 0 |
Six complaints across a decade, every one marked resolved, nothing carried forward or left pending at any point.
Taken as a whole, this is a reasonably clean disclosure for a firm operating this long.
A Recurring Pattern Across Four Separate Years Is Still Worth Naming
Complaints appear in 2019-20, 2021-22, 2024-25 and 2025-26, which is four separate years out of ten, rather than a single isolated incident.
None of the six carried into the following year unresolved, but the recurrence itself is worth noting, especially the jump to two complaints in both 2021-22 and 2024-25.
The Disclosure Also Starts Three Years Late
Centrum’s Investment Adviser registration became active in May 2014, but the annual complaint-disposal table only begins at 2017-18.
There is a three-year gap in the disclosed record, and the website offers no explanation for why complaint data before that year is unavailable.
The table also gives no breakdown of what any of the six complaints actually concerned, so there is no way to tell whether they touched on fees, recommendations, service quality, or something else, or whether the two-complaint years share a common cause.
What Centrum Investment Advisors Claims on Its Website, Does the Evidence Match?
Centrum’s site leans on institutional and award-based language across both its homepage and about page, more heavily than most advisers reviewed on this site.
1. Early Entry Advantage
The homepage claims an “Early Entry Advantage” through access to “high-growth microcaps before institutional discovery,” a specific claim about timing and access that is not accompanied by supporting detail on how that edge is actually achieved or verified.
2. Conviction-driven Return And Multi-year Holding Periods
Phrases including “conviction-driven return” and “multi-year holding periods for thesis realisation” lean toward outcome-oriented language, the kind that can create expectations about results a research-driven process cannot actually guarantee.
3. 27-Plus Years Of Financial Excellence
The about page cites “27+ years of financial excellence” and a “consistent growth trajectory,” group-level history presented in a way that could be read as a performance indicator for this specific advisory licence rather than the wider group.
4. Named Industry Awards
The site lists recognitions including “India’s Best for Client Service” and “Best Fund of the Year, Equity,” without stating the awarding body, the year, or the specific entity or product the award was given to.
An investor evaluating these claims should ask for the source behind each one before treating them as independently verified.
None of these amounts to an explicit promise of returns in the way SEBI orders have treated as a serious violation.
They sit at the softer end, language a compliance review would ordinarily want tightened before it reaches a client-facing page.
How To File A Complaint Against Centrum Investment Advisors?
Given this firm’s complaint pattern, the most useful first step is simply getting a clear written account of what happened and when, since the recurring two-complaint years suggest it is worth being specific about dates and details.
Put the issue in writing to the firm directly, citing registration number INA000001761, and keep the sent record.
If your relationship with Centrum also involves one of its PMS strategies, state clearly which service the complaint concerns, since advisory and portfolio management carry separate SEBI grievance routes.
If the firm’s direct response does not resolve things, escalation moves next to the regulator’s own channels.
The SEBI SCORES portal is where that formal complaint gets filed, and citing the registration number helps route it correctly.
If SCORES does not produce a resolution, the next stage is structured conciliation.
The SMART ODR login page explains how a conciliator gets assigned and what documents to bring.
Where the complaint instead concerns one of Centrum’s Portfolio Management strategies rather than its advisory service, the dedicated route for that is covered on our complaint against portfolio managers page.
For the complete step-by-step process against a SEBI-registered adviser, our guide on file complaint against RIA covers every stage from the first written notice through formal escalation.
Never been told the actual fee rate behind an “AuA-based” structure?
We get the specific rate and billing terms in writing directly from the firm on your behalf, before you commit anything further. Register with us for a clear read on what you are actually being charged.
Disclaimer
This page is based on Centrum Investment Advisors’ own published material, the SEBI intermediary register and public third-party listings, current as of October 2026, and alleges no wrongdoing since no SEBI order stands against the firm. Registration details, pricing, and website content can change, so verify everything at source before acting. Treat this page as research, not legal or investment advice.
Conclusion
Centrum Investment Advisors Limited holds a genuine, decade-plus SEBI Investment Adviser registration, INA000001761, backed by the wider Centrum Group’s institutional presence, with a complaint record of six disclosed complaints across ten years, all resolved.
The clearest gap here is pricing. The website describes a choice between an AuA-based and a fixed fee structure without ever naming the actual rate for either, leaving investors to ask for that figure directly rather than finding it published anywhere.
The complaint disclosure also starts three years after the registration itself became active, and the marketing carries institutional and award-based language that is worth verifying against its actual sources.
Before engaging this firm, get the specific fee rate and billing basis in writing, and ask directly what the six disclosed complaints actually concerned.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. It is registered to Centrum Investment Advisors Limited as an Investment Adviser since 20 May 2014 and is perpetual. Confirm it directly on SEBI's register rather than relying on the website alone.
The website states clients can choose an AuA-based or fixed fee structure, but the actual rate, amount or billing frequency is not published. Ask the firm directly for the specific figure before proceeding.
Six, disclosed across four separate financial years between 2017-18 and 2026-27, all shown as resolved with none currently pending.
No. Centrum's PMS strategies, including Centrum Microcap and Centrum Flexi Cap, run under a separate SEBI Portfolio Manager registration, distinct from the Investment Adviser licence, INA000001761, covered on this page.
Not on the website itself. Claims such as "India's Best for Client Service" and "Best Fund of the Year, Equity" do not state the awarding body or year on the page where they appear. Ask the firm for the source before treating them as independently verified.
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