Indiana Securities License Requirements: A Complete Guide
Navigate Indiana's securities licensing landscape. Understand requirements for broker-dealers, investment advisers, and agents, including recent regulatory updates and application steps.
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Indiana requires broker-dealers, investment advisers, agents, and investment adviser representatives to register with the Secretary of State's Securities Division. This process involves passing FINRA or NASAA examinations, submitting applications through FINRA's Central Registration Depository (CRD) or Investment Adviser Registration Depository (IARD), and adhering to ongoing compliance obligations under the Indiana Uniform Securities Act (IC 23-19). Recent legislative changes, such as HB 1336 (2026), may impact specific requirements.
Quick Answer: Obtaining a Securities License in Indiana
The Indiana Secretary of State, Securities Division is the primary regulator for securities professionals and firms operating in Indiana. The Division administers the Indiana Uniform Securities Act (Indiana Code Title 23, Article 19, "IC 23-19") and enforces registration, examination, and ongoing compliance requirements.
Four categories of persons or firms typically need a license or registration:
- Broker-dealers: firms that buy or sell securities for their own account or for customers.
- Investment advisers (IAs): firms or individuals providing securities advice for compensation (subject to federal versus state thresholds).
- Agents: individual representatives of broker-dealers.
- Investment adviser representatives (IARs): individual representatives of investment advisers.
The general path to licensure involves passing the required FINRA or NASAA examination, submitting an application through FINRA's Central Registration Depository (CRD) or the Investment Adviser Registration Depository (IARD), paying the applicable Indiana fee, clearing a background check, and satisfying any ongoing supervisory or disclosure obligations. Specific fees and timelines vary. Consult the Indiana Secretary of State Securities Division at sos.in.gov/securities for current figures before applying.
Who Needs a Securities License in Indiana? Defining Key Roles
Broker-Dealers
Under IC 23-19-1-2(4), a "broker-dealer" is any person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. This definition broadly covers entities that facilitate securities transactions, whether acting as an agent for clients or trading for their own proprietary accounts. Understanding the scope of "effecting transactions" is crucial for determining registration necessity. Firms must register with the Securities Division unless an exemption applies.
Key exemptions from broker-dealer registration (IC 23-19-4-1) include:
- Broker-dealers registered under Section 15 of the Securities Exchange Act of 1934 that have no place of business in Indiana and limit their Indiana transactions to certain institutional or existing customers.
- Issuers effecting transactions in their own securities under specific conditions.
- Persons whose securities business in Indiana is exclusively with federal covered broker-dealers or certain institutional investors.
These exemptions prevent duplicative regulation for federally registered firms or exclude limited activities that pose less risk to Indiana investors. The institutional customer exemption typically applies to transactions with banks, insurance companies, or investment companies, reflecting their sophisticated nature.
Investment Advisers
IC 23-19-1-2(11) defines an "investment adviser" as a person who, for compensation, engages in the business of advising others on the value of securities or the advisability of investing in, purchasing, or selling securities.
The federal versus state registration threshold is key. Under the Investment Advisers Act of 1940 and IC 23-19-4-2:
- Advisers with $110 million or more in assets under management (AUM) generally register with the SEC as "federal covered advisers" and are not required to register with Indiana (though they must file notice with the Division).
- Advisers with less than $100 million in AUM generally must register at the state level with Indiana.
- Advisers between $100 million and $110 million may register with either the SEC or the state, depending on circumstances.
This tiered regulatory structure ensures that larger, more complex advisory firms are overseen by federal authorities, while smaller, locally focused firms are regulated by the state for more tailored supervision. The notice filing requirement for federal covered advisers ensures the Indiana Securities Division is aware of all advisory activity within the state. Consult the Indiana Secretary of State Securities Division for current AUM thresholds, as NASAA periodically updates guidance on mid-tier advisers.
Agents of Broker-Dealers
IC 23-19-1-2(2) defines an "agent" as an individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. Any individual who solicits or accepts orders for securities, or otherwise engages in sales activities on behalf of a broker-dealer or issuer, must be properly licensed. Agents must be individually registered in Indiana even if their employing broker-dealer is already registered.
Common exemptions from agent registration include individuals who represent issuers in transactions not involving compensation and certain transactions with institutional investors (IC 23-19-4-2).
Investment Adviser Representatives (IARs)
IC 23-19-1-2(12) defines an "investment adviser representative" as an individual employed by or associated with an investment adviser who makes securities recommendations, manages client accounts, determines which advice to give, solicits clients, or supervises those who do any of the above.
IARs of state-registered investment advisers must register individually in Indiana. IARs of SEC-registered (federal covered) advisers who have a place of business in Indiana must also register with the state under IC 23-19-4-2(b). This "place of business" rule ensures that individuals physically operating in Indiana and serving Indiana clients are subject to state oversight for investor protection, even if their firm is federally regulated.
Exemptions from IAR registration include individuals whose advisory activities are limited to certain institutional clients and those who have no place of business in Indiana and deal only with existing clients who are not Indiana residents. Consult IC 23-19-4-2 for the full list.
The Indiana Securities License Application Process: Step-by-Step
CRD and IARD Systems
All Indiana securities registrations flow through FINRA-operated systems:
- CRD (Central Registration Depository): used by broker-dealers (Form BD) and their agents (Form U4).
- IARD (Investment Adviser Registration Depository): used by investment advisers (Form ADV) and their IARs (Form U4).
Indiana is a participating state in both systems. Applicants submit applications, pay state fees, and track status through these platforms. The Indiana Securities Division receives and reviews filings directly from CRD/IARD.
Required Forms by License Type
| Role | Primary Form | Filed Via |
|---|---|---|
| Broker-Dealer (firm) | Form BD | CRD |
| Investment Adviser (firm) | Form ADV (Parts 1, 2A, 2B) | IARD |
| Agent | Form U4 | CRD |
| Investment Adviser Representative | Form U4 | IARD |
Examination Requirements
Indiana follows NASAA and FINRA examination standards. Required exams by role are:
| Role | Required Exam(s) |
|---|---|
| Agent (general securities) | Series 7 (SIE + Series 7 Top-Off) + Series 63 |
| Agent (limited products) | Appropriate product-specific exam + Series 63 |
| Investment Adviser Representative | Series 65, OR Series 7 + Series 66 |
The Series 7 (General Securities Representative Exam) covers a broad range of securities products, markets, and regulations. The Series 63 (Uniform Securities Agent State Law Examination) focuses specifically on state securities laws, rules, and regulations, ensuring agents understand their obligations under the Indiana Uniform Securities Act. The Series 65 (Uniform Investment Adviser Law Examination) assesses knowledge of investment strategies, ethical guidelines, and fiduciary duties relevant to investment advisers. The Series 66 combines elements of the Series 63 and 65, often taken by those who have already passed the Series 7.
Exam waivers may be available for individuals holding certain professional designations (such as CFA, CFP, or CPA). Consult the Indiana Secretary of State Securities Division for the current list of accepted designations, as NASAA updates this periodically.
Background Checks and Disclosure Obligations
All applicants must disclose criminal history, regulatory actions, civil judgments, and customer complaints through Form U4 or Form BD. These disclosures typically include past felonies, certain misdemeanors, bankruptcies, liens, and any regulatory or civil actions. Indiana conducts background reviews through the CRD/IARD systems. The Indiana Securities Division reviews these disclosures to assess an applicant's fitness for licensure, consistent with the public interest and investor protection mandates of the Indiana Uniform Securities Act (IC 23-19). Material changes to disclosure history must be reported promptly (see the Renewals and Compliance section below).
Application Fees and Processing Timelines
Fees are set by the Indiana Securities Division and are subject to change. Consult the Indiana Secretary of State Securities Division fee schedule at sos.in.gov/securities for current amounts. Do not rely on third-party fee summaries, as these frequently lag behind official updates.
Processing timelines vary by application type and completeness of submission. Deficient applications are returned for correction, resetting the processing timeline. Complete applications submitted through CRD or IARD generally process faster. Consult the Division directly for current average turnaround times.
Recent Changes to Indiana Securities Regulations (2025-2026)
HB 1336 (2026): Securities and Investment Adviser Representatives
HB 1336 (2026) is a significant recent development for Indiana securities professionals, titled "Securities and investment adviser representatives." The bill was signed by the Governor and is now law, per the OpenStates legislative record.
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- Indiana nonprofit security grant fund.
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Gear & Tools for Indiana Projects
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
- Series 66 Exam Prep — Combined State LawCombines Series 63 + 65 into a single test for candidates already holding Series 7. Required in most states for IAR registration.
- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.