The Securities and Exchange Board of India (SEBI) has cancelled the registrations of 15 research analysts, comprising both individuals and corporate entities, due to their failure to pay mandatory renewal fees. This regulatory action, updated on June 30, 2026, stems from non-compliance with the SEBI (Research Analysts) Regulations, 2014, which mandates renewal every five years.
SEBI found that the affected analysts had missed their renewal deadlines, with due dates spanning from June 2020 to July 2024. The regulator emphasized that the move is crucial to prevent the misuse of expired registration certificates and to protect investor interests in the Indian securities market.
List of Affected Research Analysts
The registrations cancelled include:
- Bipin Manilal Savla
- Comfort Securities Ltd
- Sudip Bandyopadhyay
- 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
- K Karthik Raja
SEBI initiated summary proceedings against these analysts in February 2025 by issuing show-cause notices. Although responses were submitted, none of the noticees could provide documentary evidence confirming the payment of the renewal fees. Furthermore, the regulator had advised voluntary surrender of registrations through the designated BSE portal, but this process was not completed by any of the entities before the final order was issued.
Implications and Ongoing Responsibilities
The market watchdog clarified that while the registrations are cancelled, the former research analysts are not absolved of liabilities for actions taken during their period of registration. They remain responsible for any past acts, omissions, or regulatory violations committed while their registrations were valid.
The order also directs the affected entities and individuals to:
- Preserve all records and documents as required under relevant regulations.
- Address any pending investor grievances.
- Ensure continuity of services to existing clients where applicable.
- Comply with other specified obligations under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008.
This enforcement action underscores SEBI's commitment to maintaining stringent regulatory compliance among registered intermediaries and upholding investor confidence by removing entities that fail to meet their fundamental obligations.