The cancelled registrations belong to SEAF India Investment Advisors Pvt Ltd, Anant Hasmukhlal Shah ( proprietor of DelveAxis), Kumar Manish, DSFS Advisory, Shobhit Gupta ( proprietor of A-One Capital and Investment Advisor), DS Capital Venture Pvt Ltd, Finaux Alpha 6 Investment Advisors Pvt Ltd, Nikhilesh Pratap Shahi, Quotient Digital Solutions Pvt Ltd, Varhad Capital Pvt Ltd, Money and More Consultants Pvt Ltd, Epic Research Pvt Ltd and Money Maker Research & Investment Advisor Pvt Ltd.
The list also includes: Sameer Aggarwal, Open World Money Planning Solutions Ltd, Hardik Dilipbhai Somani (proprietor of Real Advisory Services), Hariom Sharan Patel (proprietor of BIS Capital Investment Advisor), Jeevan Prakash Nadar, Jatin Thukral, Guava Softs Pvt Ltd, Vikrant Syngal, Rakesh Jaidka, Vijaya Jain ( proprietor of JVS Wealth Solutions), Aarin Asset Advisors LLP, Aikyam Wealth Management Services Pvt Ltd, Nishant Singh Chauhan, Pattern Effects Labs Pvt Ltd, Sanjeev Kumar Suri, Billionedge Investment Advisors and Arpit S Ghelani.
Under Clause 3 of the Second Schedule of the SEBI (Investment Advisers) Regulations, 2013, every registered IA 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 period for which the previous fee was paid.
SEBI found that these 30 noticees had failed to pay the renewal fees. The non-payment dates ranged from 2018 to 2024, depending on the registration. For example, SEAF India Investment Advisors' renewal fee remained unpaid from 30 May 2022, Mr Shah, proprietor of DelveAxis, failed to pay from 24 August 2022. Kumar Manish and DSFS Advisory had renewal fees unpaid from 26 October 2022 and 6 November 2022, respectively.
Among the older registrations, Varhad Capital had renewal fees unpaid from 26 December 2018; Money and More Consultants from 10 January 2019; Epic Research from 10 March 2019; and Money Maker Research & Investment Advisor from 1 April 2019. Sameer Aggarwal and Jatin Thukral also had unpaid renewal fees dating back to 2019 and 2018, respectively.
The regulator initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, read with Section 12(3) of the SEBI Act, 1992. Notices were issued on various dates between February 5, 2025 and August 13, 2026, giving the noticees an opportunity to explain why their registrations should not be cancelled or suspended. They were required to submit written replies, along with documentary evidence, within 21 days of receiving the notices.
However, no replies were received from most of the IAs. Sanjeev Kumar Suri, Billionedge Investment Advisors and Arpit S Ghelani submitted replies stating that their IA registrations could be cancelled. None of the noticees provided documentary evidence to rebut SEBI's finding regarding non-payment of renewal fees.
SEBI observed that the investment advisers' certificates had ceased to remain in force because the required renewal fees had not been paid. It therefore decided to cancel the registrations under Section 12(3) of the SEBI Act, read with Regulation 30A of the Intermediaries Regulations.
The order also makes clear that cancellation of registration does not absolve the former IA of liability for their past actions or omissions. SEBI said these noticees would remain liable for anything done or omitted while acting as Investment Advisers. The cancellation also does not absolve them of any violations of securities laws committed while they were registered.
SEBI further directed the 30 entities and individuals to maintain and preserve the required records, address investor grievances, transfer client records, funds, or securities, wherever applicable, and ensure continuity of services to clients. They must also take necessary action concerning defaults or pending proceedings and comply with Regulation 30A(10) of the Intermediaries Regulations.
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