The cancelled registrations belong to: Concept Securities Pvt Ltd, Equity Right, Grovalue Financial Services Pvt Ltd, Guiness Securities Ltd, Jyoti More, Mamraj Singh, Narendrasinh Surajsinh Jadoun, Ravi Bakulbhai Parikh, S Balaji, Sivaram Pandravada, Sriramanan R, Tradedeal Financial Services Pvt Ltd, Uday Raj Mittal, Vaibhav Jain, Raghav Behani, Satco Capital Markets Ltd and I Tips Advisory.
Under the SEBI (Research Analysts) Regulations, 2014, 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 said that the 17 entities and individuals failed to pay the renewal fees within the prescribed timelines, resulting in their registrations lapsing.
Following the non-payment of renewal fees, SEBI initiated summary proceedings and issued notices in February 2025, asking the research analysts to explain why their registrations should not be cancelled or suspended. The notices also required them to submit any documentary evidence within 21 days.
According to the order, no replies were received from noticees numbered one to fourteen. Noticees numbered 15 to 17 responded, stating that their registrations as research analysts may be cancelled by SEBI.
In the order, Soma Majumder, chief general manager (CGM) of SEBI, observed that since the mandatory renewal fees had not been paid, the certificates of registration had already ceased to remain in force. The regulator also found that the prescribed procedure for cancellation under the SEBI (Intermediaries) Regulations had been duly followed.
Accordingly, SEBI cancelled the registration certificates of all 17 RAs with immediate effect. However, the market regulator clarified that the cancellation does not absolve them of liability for any acts or omissions committed while they were registered as research analysts.
SEBI said the primary objective behind the cancellation is to prevent the misuse of expired registration certificates and to safeguard investors from entities whose registrations are no longer in force. The regulator also directed the former RAs to preserve records, address pending investor grievances, ensure continuity of client-related obligations and comply with the requirements specified under the Intermediaries Regulations.
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