UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 ---------------

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  March 22, 2006


                        Investors Capital Holdings, Ltd.
             (Exact name of registrant as specified in its charter)



       Massachusetts                 1-16349                     04-3284631
(State or Other Jurisdiction       (Commission                 (IRS Employer
      of Incorporation)            File Number)              Identification No.)



                                230 Broadway East
                               Lynnfield, MA 01940
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's telephone number, including area code: (800) 949-1422


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[] (Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[] (Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[] (Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[] (Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))


Item 5.02.  Departure of Director

A. Marshall Acuff, Jr., resigned as a director effective March 22, 2006, to
concentrate on other interests and responsibilities, including his new position
as one of three financial advisors to a state retirement board.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             Investors Capital Holdings, Ltd.

                                             By /s/ Ted Charles
                                                --------------------------------
                                                Ted Charles, President

Date:  March 28, 2006



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