# Elphinstone

> Elphinstone is an SEC-registered investment advisory firm in New York, NY, registered since 2021, reporting under $25 million in regulatory assets under management in its Form ADV filing dated April 2, 2026.

- CRD: 311264
- Filed as: ELPHINSTONE
- Legal name: Elphinstone, Inc.
- Also doing business as: SMARTRUPEE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: April 2, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/311264
- AdvisorCensus page: https://advisorcensus.com/firm/elphinstone-new-york-ny-311264

## Quick answers

**How is Elphinstone compensated?**
On its Form ADV (Item 5.E, October 2026), Elphinstone reports these compensation arrangements: a percentage of assets under its management.

**How much does Elphinstone charge?**
Its Form ADV Part 2A brochure dated March 25, 2025 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Elphinstone located?**
Elphinstone's principal office is in New York, NY, according to its Form ADV.

**Is Elphinstone registered with the SEC or a state?**
Elphinstone is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 311264.

**How much does Elphinstone manage?**
Elphinstone reports $1,419,128 in regulatory assets under management in its Form ADV filing dated April 2, 2026 (0% discretionary).

**How have Elphinstone's assets and staff changed since 2021?**
In the Form ADV data for Elphinstone: Regulatory assets under management: $364,784 in the October 2024 data and $1,419,128 in the October 2026 data, up 289%. Total employees: 3 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Elphinstone serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (579).

**Does Elphinstone report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/311264

**What changed in Elphinstone's recent Form ADV filings?**
In the May 2026 filing data: Regulatory assets under management went from $992,361 to $1,419,128 (+43%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2025)

- Asset-based fee: 1% of assets a year

> Elphinstone is compensated for its advisory services by charging an annual fee of 1.0% of the net market value of the client’s account. Total assets under management Annual fee All assets 1.0%

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $1,419,128
- Discretionary: $0
- Non-discretionary: $1,419,128

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 579 | $1,419,128 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2021 (5 years)
- Employees: 5 total, 1 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- elphinstone.com.pk
- elphinstone.us
- elphinstonecapital.com
- smartrupee.pk
- LinkedIn @elphinstonecap
- X @ElphinstoneCap
- X @SmartRupee

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | 3 | February 11, 2021 |
| October 2022 | Not reported | 3 | February 28, 2022 |
| October 2023 | Not reported | 5 | June 15, 2023 |
| October 2024 | $364,784 | 5 | March 27, 2024 |
| October 2025 | $992,361 | 5 | March 25, 2025 |
| October 2026 | $1,419,128 | 5 | April 2, 2026 |

Regulatory assets under management: $364,784 in the October 2024 data and $1,419,128 in the October 2026 data, up 289%.
Total employees: 3 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Regulatory assets under management went from $992,361 to $1,419,128 (+43%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Elphinstone (CRD 311264): Form ADV filing data as of October 2026.