The 15 advisers are: Abhishek Patel (proprietor of Pinnacle Financial Services), Altamash Sheikh, Capvision Investment Advisor, Money India Research, Tabrez Khan (proprietor of Zoid Research), Wise Finserv, Amit Kumar Dewda (proprietor of Avid Research), Exfinity Venture Partners LLP, Hardik Mahendrakumar Shukla, Jasmeet Bagga (proprietor of Research Infotech), Lokesh Gupta (proprietor of Well Worth Research), Narayanaswamy Ramachandran, Rajat Sinh (proprietor of Pace Research), Sharanjit Singh and Tanya Gupta.
Under Clause 3 of the Second Schedule to the SEBI (Investment Advisers) Regulations, 2013, registered investment advisers must pay a renewal fee every five years from the date their registration is granted. The fee must be paid within three months of the expiry of the period for which the previous fee was paid.
SEBI found that the renewal fees for 15 advisers had remained unpaid from 2019 to 2026. Abhishek Patel's fee had been outstanding since 21 March 2019, while Capvision Investment Advisor's fee had been pending since 11 June 2019. The dues of Mr Shukla dated back to 3 June 2019, followed by Lokesh Gupta from 19 February 2020 and Mr Bagga from 30 October 2020. Mr Dewda's renewal fee has been unpaid since 9 June 2020.
For the remaining advisers, the unpaid fees dated back to 20 May 2021 for Exfinity Venture Partners, 30 April 2023 for Money India Research, 6 June 2023 for Altamash Sheikh, 1 January 2024 for Wise Finserv, 19 March 2024 for Tabrez Khan, 10 April 2024 for Rajat Sinh, 8 July 2024 for Ms Gupta, 3 September 2025 for Sharanjit Singh and 8 March 2026 for Mr Ramachandran.
SEBI initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, of the SEBI Act, 1992. Notices dated 2 June and 4 June 2026 were issued to the advisers, asking them to explain why their registrations should not be cancelled or suspended. They were given 21 days from receipt of the notices to submit written replies along with supporting documents.
Six noticees, Mr Patel, Mr Sheikh, Capvision Investment Advisor, Money India Research, Mr Khan and Wise Finserv did not submit any reply. SEBI noted that Regulation 30A allows it to pass an appropriate order when no written submissions are filed within the specified period.
Four others, Exfinity Venture Partners, Mr Gupta, Mr Singh and Ms Gupta, specifically requested cancellation of their registrations. The remaining five Mr Dewda, Mr Shukla, Mr Bagga, Mr Ramachandran and Mr Sinh submitted responses but failed to provide evidence that the outstanding renewal fees had been paid.
SEBI said none of the 15 noticees submitted documentary evidence to rebut its finding that the renewal fees remained unpaid. The regulator concluded that their certificates had ceased to remain in force because the required fees were not paid.
SEBI consequently cancelled all 15 registrations under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A of the Intermediaries Regulations.
The cancellation, however, does not absolve the advisers of responsibility for their past conduct. SEBI clarified that the noticees will remain liable for anything they did or failed to do while acting as investment advisers. The regulator said the cancellation is also intended to prevent the misuse of expired SEBI registration certificates to mislead or deceive investors.
SEBI has directed the noticees to maintain and preserve records and documents as required under the regulations, address investor grievances, transfer client records, funds, or securities as required, ensure continuity of services, and take necessary action regarding defaults or pending matters. They must also comply with Regulation 30A(10) of the Intermediaries Regulations.
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