10 Research Analysts’ Registration Cancelled by SEBI for Non-payment of Mandatory Renewal Fees
Moneylife Digital Team 29 July 2026
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration (CoR) of 10 research analysts (RAs) after they failed to pay the mandatory renewal fees required to keep their registrations valid under the SEBI (Research Analysts) Regulations, 2014. 
 
The registrations of the following RAs have been cancelled: Imtiaz Rehman Merchant, Praveen Pathiyil, Ingovern Research Services Pvt Ltd, Mahesh Shrikrishna Joshi, Affluence Fincon Service Pvt Ltd, Dhruvesh Sanghvi, Praful Bohra, Priya Clyde Andrades, Riyas Cholamughath, and Satish Kumar Chamaria. 
 
Under the SEBI (Research Analysts) Regulations, every registered research analyst is required to pay a renewal fee every five years from the date of grant of registration to keep the certificate in force. However, SEBI found that all 10 entities had failed to pay the renewal fees despite the expiry of the prescribed period. Their unpaid renewal periods ranged from July 2020 to December 2025. 
 
Following the non-payment of renewal fees, SEBI initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, and issued show-cause notices(SCNs) asking the RAs to explain why their registrations should not be cancelled or suspended. While no replies were received from Mr Merchant and Mr Pathiyil, the remaining eight noticees informed SEBI that their registrations as research analysts could be cancelled. 
 
SEBI observed that since the mandatory renewal fees had not been paid, the CoR had ceased to remain in force. The regulator also noted that the prescribed procedure for cancellation under the Intermediaries Regulations had been duly followed before passing the order. 
 
In its order, SEBI cancelled the registration certificates of all 10 research analysts with immediate effect. However, the regulator clarified that cancellation of registration does not absolve the entities of liabilities arising from any acts or omissions committed while they were registered research analysts. 
 
SEBI further directed the former RAs to preserve all records and documents required under the regulations, ensure redressal of pending investor grievances, facilitate the transfer of records, funds or securities of clients wherever applicable, maintain continuity of services and comply with other obligations specified under Regulation 30A(10) of the SEBI (Intermediaries) Regulations, 2008.
Comments
Digital Arrests: Supreme Court Calls for Separate Offence, Harsher Punishment against Accused
Debayan Roy (Bar  and  Bench) 28 July 2026
The Supreme Court on Tuesday suggested that the Union government formally define digital arrest in criminal laws and declare it a standalone offence with harsher punishments.   A Bench of Chief Justice of India (CJI) Surya Kant,...
End of the Road for Paytm Payments Bank: Delhi HC Orders Liquidation, Official Liquidator Assumes Control
Moneylife Digital Team 28 July 2026
The Delhi High Court has ordered the winding up of Paytm Payments Bank Ltd (PPBL), marking the formal commencement of liquidation proceedings nearly three months after Reserve Bank of India (RBI) cancelled the Bank's licence over...
Firstcapital Alternate Investment Trust Loses SEBI AIF Registration for Repeatedly Failing To File Quarterly Reports
Moneylife Digital Team 28 July 2026
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration (CoR) of Firstcapital Alternate Investment Trust after finding that the alternative investment fund (AIF) repeatedly failed...
RBI Slaps ₹18.60 Lakh Penalty on 4 Cooperative Banks for Regulatory Violations
Moneylife Digital Team 28 July 2026
Reserve Bank of India (RBI) has imposed a penalty of ₹18.60 lakh on four cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of ₹10.10 lakh has been imposed on Raigad District...
Free Helpline
Legal Credit
Feedback