The entities whose registrations have been cancelled are: Arjun Lenin, Anita Patnaik, CNI Research Ltd, East Bridge Advisors Pvt Ltd, Kushank Kamal Poddar, Manish Kumar, Praful Nath Purohit (proprietor of Market Future India), RK Global Shares & Securities Ltd, Raghavendra Rajendra, Raghuveer Singh Rathore, Rajesh Jain (proprietor of Jinanand Research Analyst) and S Venkateshwar Rao.
Under the Research Analysts Regulations, every registered RA 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 existing registration period to keep the certificate in force. SEBI found that the 12 RAs had failed to comply with this requirement, with the unpaid renewal dates ranging from March 2025 to April 2026.
Following the non-payment, SEBI initiated summary proceedings in May and June 2026 and issued notices asking the concerned entities to explain why their registrations should not be suspended or cancelled. They were given 21 days to submit written replies along with supporting documents. However, none of the noticees responded within the stipulated period.
Soma Majumder, chief general manager (CGM) of SEBI, observed that since the renewal fees had not been paid, the registrations had already ceased to remain in force. Having followed the due process prescribed under the Intermediaries Regulations, SEBI concluded that the registration certificates deserved to be cancelled.
SEBI clarified that cancellation of the registrations does not absolve the entities of liability for any acts or omissions committed while they were functioning as registered research analysts. They will remain accountable for any regulatory violations or pending actions relating to the period during which their registrations were valid.
The market regulator also directed the affected entities to preserve records and documents required under the regulations, ensure the redressal of investor grievances, facilitate the transfer of client records, funds, or securities, wherever applicable, and comply with all obligations under Regulation 30A(10) of the Intermediaries Regulations.
SEBI said the primary objective of cancelling the expired registrations is to prevent misuse of invalid registration certificates by persons who may continue to present themselves as SEBI-registered research analysts, thereby protecting investors from being misled. The order has come into force with immediate effect and has also been served on BSE Ltd, the research analyst administration and supervisory body, for necessary compliance.
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