The cancelled registrations include: Dr Stock Research Advisory, Espirito Santo Securities India Pvt Ltd, Indeed Research, Mitesh Thacker, Nitin Gami, Rahul Lala (proprietor of Greentix Research), Sunil Kumar Dhavala, WSA Equity and Financial Research Pvt Ltd, Religare Capital Markets Ltd, Ravi Kiran Kulkarni, Indianivesh Securities Pvt Ltd and Magnum Capital Advisors.
Under the SEBI (Research Analysts) Regulations, 2014, a registered RA is required to pay a renewal fee every five years from the date of registration. The fee must be paid within three months of the expiry of the period for which the earlier fee was paid.
According to SEBI's order, renewal fees for 10 of the 12 entities had remained unpaid since 22 May 2024, while the fees for Mr Thacker had remained unpaid since 15 April 2025. In the case of Mr Lala and Mr Dhavala, the renewal fees remained unpaid from 20 November 2025 and 28 August 2025, respectively.
SEBI initiated summary proceedings against the RAs under Regulation 30A of the Intermediaries Regulations, 2008, read with Section 12(3) of the SEBI Act. Notices were issued on 3 February 2025, 4 February 2025, 29 May 2026 and 17 August 2026, giving the RAs an opportunity to explain why their registrations should not be cancelled or suspended.
SEBI said replies were only received from Religare Capital Markets, Mr Kulkarni, Indianivesh Securities and Magnum Capital Advisors. Meanwhile, they submitted replies stating that their RA registrations could be cancelled. SEBI noted that none of the RAs submitted documentary evidence disputing the non-payment of renewal fees.
The regulator observed that Regulation 30A permits the competent authority to pass an order cancelling or suspending a certificate of registration when the prescribed requirements are not met. The rules also provide a 21-calendar-day period for submitting a written response, with a further period of up to 15 calendar days potentially available for recorded reasons.
SEBI said that since the renewal fees had not been paid, the registrations of the 12 RAs had ceased to remain in force. It consequently ordered cancellation of all 12 certificates under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A of the Intermediaries Regulations, 2008.
SEBI clarified that the cancellation of the certificates does not absolve the RAs of liability for anything done or omitted while acting as research analysts. They have also been directed to maintain and preserve required records, address investor grievances, transfer client records, funds, or securities where applicable, ensure continuity of services, and take necessary action regarding defaults or pending proceedings.
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