10 Research Analysts’ Registration Cancelled by SEBI for Non-payment of Mandatory Renewal Fees

Moneylife Digital Team 29 July 2026

Investor Interest

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.

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