SEBI Cancels Registration of 18 Investment Advisers

Moneylife Digital Team 11 September 2025

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration of 18 investment advisers (IA) after they failed to pay renewal fees as required under the SEBI (Investment Advisers) Regulations, 2013.

The list of entities that lost their licenses includes: Paladin Capital Management LLP (noticee 1), Vishal Bansal (noticee 2), Nimit Aggarwal (noticee 3), Algoanalytics Financial Consultancy Pvt Ltd (noticee 4), Paresh D Shetiya (noticee 5), Shah Investor's Home Ltd (noticee 6), Pooja Anilbhai Thakar (noticee 7), Nilesh Vallabhdas Gujarathi (noticee 8), and Agacquisitions Markets Pvt Ltd (noticee 9).

It also includes Nidhi Consultants (noticee 10), Dharmesh Parmar (noticee 11), Padmakumar Kandoth (noticee 12), Hinang Shrenik Shah (noticee 13), Abhinay Jain (noticee 14), Basavraj M Shetty (noticee 15), Samirkumar Jha (noticee 16), Vivekanand Ramnath Devhare (noticee 17), and Dharmesh Agarwal, proprietor of M/s Rudraksh Investment (noticee 18).

As per the regulations, every registered IA must pay a renewal fee every five years, within three months before the expiry of the registration period, to keep their licence in force. However, SEBI noted that the advisers in question did not comply with this requirement despite being granted registration under Section 12(1) of the SEBI Act, 1992.

In response to the non-payment, SEBI initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, and issued show-cause notices (SCN) between February and June 2025. The advisers were called upon to explain why their registrations should not be cancelled for failure to pay the renewal fees.

Some of the advisers, including noticees 1 to 9, requested SEBI to cancel their registration voluntarily. One adviser, Nidhi Consultants, informed SEBI that its registration had expired in 2022 and confirmed that it did not wish to continue advisory activities.

Mr Parmar stated that he had ceased to act as an IA and had already informed BSE Administration and Supervision Ltd (BASL) about his decision more than a year ago.

The remaining advisers, noticees 12 to 18, did not respond to the SCNs, although the notices were successfully delivered.

After considering the responses received and the lack of submissions from several advisers, SEBI observed that their registrations had effectively lapsed due to non-payment of renewal fees. Since due procedure had been followed under the Intermediaries Regulations, SEBI cancelled the registrations of all 18 IAs under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008.

"Irrespective of the cancellation, the respective noticees shall continue to be liable for anything done or omitted to be done as Investment Adviser," the order said.

SEBI has also directed the IAs to preserve records, resolve any pending client complaints and ensure ongoing client services and comply with the transfer of funds or securities where required.

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