Capital markets regulator Sebi has cancelled the registrations of 10 research analysts for failing to pay mandatory renewal fees required to keep their certificates of registration in force. According to reports from Business Standard, the action was taken under Sebi's Intermediaries Regulations, 2008, after the entities failed to renew their registrations despite being issued notices. The cancelled entities include Imtiaz Rehman Merchant, Praveen Pathiyil, InGovern Research Services Pvt Ltd, Affluence Fincon Service Pvt Ltd, Priya Clyde Andrades, and Praful Bohra.
Under Sebi norms, registered research analysts are required to pay renewal fees every five years from the date of registration to keep certificates valid. As reported by Business Standard, the regulator found that the 10 entities failed to pay fees after their respective due dates, which ranged from July 2020 to December 2025. Sebi had issued notices to these entities in February 2025 and May 2025 asking them to explain why their registrations should not be cancelled or suspended, but none of the entities responded within the stipulated period.
In its order, Sebi clarified that the cancellation is intended to prevent misuse of expired registration certificates. According to Business Standard, despite the cancellation, the entities would continue to remain liable for anything done or omitted to be done as Research Analysts. In a separate action, Sebi cancelled the registration of Firstcapital Alternative Investment Trust for failing to file quarterly activity reports for quarters ending March, June, September and December 2025.
