11 Research Analysts’ Registration Cancelled by SEBI for Failing To Pay Renewal Fees

Moneylife Digital Team 22 July 2026

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration (CoR) of 11 research analysts (RAs) for failing to pay the mandatory renewal fees required to keep their registrations valid under the SEBI (Research Analysts) Regulations, 2014. The regulator said the registrations had already ceased to remain in force due to non-payment of renewal fees and were being formally cancelled to prevent their misuse.

The entities and individuals whose registrations have been cancelled are: 24 Carat Financial Services, Pankaj Mahasukhlal Shah, Sridhar Reddy Eragamreddy, Amar Kumar Srivastava, Lakshmishree Investment & Securities Pvt Ltd, PCS Securities Ltd, Manoj Asok Kumar, Sagar Shah, Yash Utmani, Bansal Finstock Pvt Ltd and Pinank.

Under the SEBI (Research Analysts) Regulations, every registered RAs is required to pay a renewal fee every five years from the date of grant of registration. The fee must be paid within three months before the expiry of the five-year period to ensure that the registration remains valid.

According to SEBI, these RAs failed to pay the renewal fees, despite their registrations becoming due for renewal between 2020 and 2025. As a result, SEBI initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations 2008 and issued notices asking why their registrations should not be cancelled or suspended.

The regulator noted that three noticees did not submit any response within the prescribed period despite being served with notices. The remaining eight noticees informed SEBI that they had no objection to the cancellation of their registrations as research analysts.

After examining the matter, SEBI observed that the certificates of registration had already lapsed due to non-payment of renewal fees. It also found that the procedure prescribed under the Intermediaries Regulations for cancellation of registration had been duly followed.

Accordingly, the regulator cancelled the registrations under Section 12(3) of the SEBI Act read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008.

SEBI clarified that cancellation of the registrations does not absolve the RAs of any liabilities arising from acts or omissions committed while they were registered. The noticees are also required to preserve records, address investor grievances, transfer client records, funds, or securities, wherever applicable and comply with other obligations under the regulations.

The regulator said the primary objective of cancelling the registrations is to prevent misuse of expired SEBI registration certificates by persons who are no longer authorised to act as RAs, thereby safeguarding unsuspecting investors.

Comments