The entities whose registrations have been cancelled are: Aishva Financial Services Pvt Ltd, Ajay Chouhan, Algo Systems, Amit Baburao Ahire, Anurag Vinay Bavaria, Avi Kumar, Ayush Bhargava (proprietor, Bhargava Financial Planners), Candyfloss Investment Advisors, CapitalVia Global Research Ltd, Chetan Ahuja, Dr Nikhil Dayanand Baljekar, Gaurav Baldev, Gautam Parshottambhai Barasiya (proprietor, Green Stock Advisory), Jyoti Lodhwal (proprietor, Adviser Street), Mudassir Hasan (proprietor, Alliance Research), Namrata Patel and Nishant Sidhani.
The remaining entities are: Niti Guhathakur, Niveshshala, Prabuddha Roy, Pratik Bajaj, Prosper Research and Investment Advisors, Raghav Agarwal, Rajat Jain, Rajesh R Kallidumbil, Rishi Sakhuja, Rohan Sharma, Santosh Sharma (proprietor, StockCommodityForex), Sunil Kumar Dhavala, Suryanarayana Murthy, The GRS Solution, Tradecure Financial Research, Venkata Rao and Yash Jain.
SEBI noted that every registered IA is required to pay renewal fees every five years from the date of registration to keep the registration valid. However, these advisers failed to make the payments, resulting in their registrations ceasing to remain in force. The unpaid renewal dates ranged from December 2019 to March 2026.
In accordance with the defaults, SEBI initiated summary proceedings and issued notices dated 2 June and 4 June 2026, directing the advisers to explain why their registrations should not be cancelled or suspended. The notices also required them to submit documentary evidence within 21 days.
The regulator observed that none of the noticees filed any reply within the prescribed period. As a result, it proceeded with the matter under the summary proceedings framework provided under the SEBI (Intermediaries) Regulations, 2008.
After examining the record, SEBI concluded that the advisers had failed to comply with the renewal fee requirement and that their certificates of registration had therefore ceased to remain in force. It also held that the due process prescribed under the regulations had been followed before passing the cancellation order.
Accordingly, Soma Majumder, chief general manager (CGM) of SEBI cancelled the registration certificates of all 34 investment advisers with immediate effect. SEBI said the objective of the order is to prevent misuse of expired registration certificates and to protect investors from dealing with entities that no longer hold valid registration as investment advisers.
The regulator clarified that cancellation of registration does not absolve the advisers of liability for any past violations of securities laws. They must continue to preserve records, address investor grievances, transfer client records, funds or securities wherever required, ensure continuity of client services and comply with other regulatory obligations.
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