SEBI Cancels Registrations of 15 Research Analysts for Non-payment of Renewal Fees

Moneylife Digital Team 30 June 2026

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration certificates of 15 research analysts (RAs), including individuals and entities, after they failed to pay the mandatory renewal fees required to keep their registrations valid under the SEBI (Research Analysts) Regulations, 2014. The market regulator said the action is aimed at preventing the misuse of expired registration certificates and protecting investors.

Under the SEBI (Research Analysts) Regulations, every registered research analyst must pay a renewal fee every five years from the date of registration to keep the certificate in force. However, SEBI found that the 15 research analysts had failed to make the required payments despite their renewal deadlines falling between June 2020 and July 2024.

The entities and individuals whose registrations have been cancelled are: Bipin Manilal Savla, Comfort Securities Ltd, Sudip Bandyopadhyay, Ms Shefali Sahita, Prasenjit Kumar Paul, Arya Fin-Trade Services (India) Pvt Ltd, Ideal Associates, Kalpesh Rathi, Deepa Gupta, Abhijeet Ramachandrran, Rashi, Rahul Mukesh Randeria, Shivansh Kariwala, Krishnamurthy Sethuraman and K Karthik Raja.

SEBI initiated summary proceedings against the research analysts in February 2025 by issuing show-cause notices (SCNs) asking why their registrations should not be cancelled. While the noticees responded to the regulator, none could produce documentary evidence disputing the fact that the renewal fees remained unpaid. SEBI also advised them to surrender their registrations voluntarily through the designated BSE portal, but none of them did so before the order was passed.

In its order, SEBI observed that the registration certificates had already ceased to remain in force because of non-payment of renewal fees. After following the procedure prescribed under the SEBI (Intermediaries) Regulations, 2008, the regulator concluded that cancellation of the registrations was warranted.

The regulator clarified that cancellation of registration does not absolve the former research analysts of any liability arising from actions taken while they were registered. They will continue to remain responsible for any past acts or omissions committed during the validity of their registrations.

SEBI also directed the affected entities and individuals to preserve all records and documents required under the regulations, address pending investor grievances, ensure continuity of services to clients wherever applicable, and comply with other obligations specified under Regulation 30A of the Intermediaries Regulations.

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