# Ind. Code § 23-19-4-3: Investment adviser registration; exemptions; restrictions on employment or association > Indiana · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-3 ## Section - **Citation:** Ind. Code § 23-19-4-3 - **Heading:** Investment adviser registration; exemptions; restrictions on employment or association - **Jurisdiction:** Indiana - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Indiana Code / Title 23 / Article 19 / Chapter 4 / Section 23-19-4-3 ## Text Sec. 3. (a) It is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this article as an investment adviser or is exempt from registration as an investment adviser under subsection (b). (b) The following persons are exempt from the registration requirement of subsection (a): (1) A person without a place of business in this state that is registered under the securities act of the state in which the person has its principal place of business if its only clients in this state are: (A) federal covered investment advisers, investment advisers registered under this article, or broker-dealers registered under this article; (B) institutional investors; (C) bona fide preexisting clients whose principal places of residence are not in this state if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or (D) any other client exempted by rule adopted or order issued under this article. (2) A person without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five (5) clients that are resident in this state in addition to those specified under subdivision (1). (3) Any other person exempted by rule adopted or order issued under this article. (c) It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this article, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the commissioner, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser. (d) It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this article as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under section 4(a) of this chapter or is exempt from registration under section 4(b) of this chapter. As added by P.L.27-2007, SEC.23. ## Nearby sections - [Ind. Code § 23-19-4-1 Broker-dealer registration; exemptions; restrictions on employment or association; foreign transactions](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-1.md) - [Ind. Code § 23-19-4-1.5 Exemption from registration for merger and acquisition brokers; exceptions](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-1.5.md) - [Ind. Code § 23-19-4-2 Agent registration; exemptions; restrictions on employment or association; restrictions if no affiliation](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-2.md) - [Ind. Code § 23-19-4-3 Investment adviser registration; exemptions; restrictions on employment or association](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-3.md) - [Ind. Code § 23-19-4-4 Investment adviser representative registration; exemptions; restrictions on conducting business; referrals](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-4.md) - [Ind. Code § 23-19-4-5 Federal covered investment adviser requirements; exemptions; filing](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-5.md) - [Ind. Code § 23-19-4-6 Application for initial registration; requirements; amendments; national criminal history background check for investment adviser representative; effective date; renewal; conditions and waivers](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-6.md) - [Ind. Code § 23-19-4-7 Succession; organization change; name change; change of control](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-7.md) - [Ind. Code § 23-19-4-8 Termination notice; transfer of employment or association; temporary registration; prevention or suspension of transfer; cancellation or termination of registration; reinstatement](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-8.md) - [Ind. Code § 23-19-4-9 Withdrawal of registration](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-9.md) - [Ind. Code § 23-19-4-10 Fees; transmittal of fee; exception](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-10.md) - [Ind. Code § 23-19-4-11 Minimum financial requirements; financial reports; amendment; records; audits or inspections; insurance or posting bond; supervision; compliance reports](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-11.md) - [Ind. Code § 23-19-4-11.5 Prohibit selection of broker-dealer for completion of compliance report in consecutive years; prohibit selection of certain offices](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-11.5.md) - [Ind. Code § 23-19-4-12 Denial, condition, revocation, suspension, or limitation of registration; censure, bar, or civil penalty for violation; grounds; examination; procedure](https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-12.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IN_T23_A19_C4_S23-19-4-3. Check the current official text before relying on it. Not legal advice.