Sebi urges use of CeFCoM for secure fee payments to registered advisors, research analysts

Markets regulator Sebi on Thursday encouraged investors to pay fees to their investment advisers (IAs) and research analysts (RAs) through CeFCoM, a secure and transparent payment system.

According to Sebi, CeFCoM is an optional mechanism.

The Centralized Fee Collection Mechanism for Investment Advisers and Research Analysts (CeFCoM) is a secure and transparent payment ecosystem developed to ensure that investors pay fees only to registered investment advisers and research analysts, Sebi said in a statement.


CeFCoM serves as a payment platform that distinguishes registered IAs and RAs from unregistered entities operating under the same titles. This helps investors verify the legitimacy of the service providers they engage with.

Operational since October 1, 2024, CeFCoM is managed by BSE Ltd in collaboration with MF Utilities India Pvt Ltd.

The system supports multiple payment modes, including net banking, debit card, UPI/UPI autopay, IMPS/NEFT/RTGS, eNACH, and even cheque and credit cards.

As of June 10, 2025, investors have paid over Rs 5 crore in fees through CeFCoM.