The Securities and Exchange Board of India (Sebi) has cancelled twelve research analyst registrations after they failed to pay renewal fees required to keep their certificates active. According to reports from The Economic Times, The Hindu BusinessLine, and CNBC TV18, the order was issued on July 9, 2025, affecting entities and individuals who had their certificates cancelled due to unpaid renewal fees. The cancelled entities include Arjun Lenin, CNI Research Ltd, East Bridge Advisors Pvt Ltd, Kushank Kamal Poddar, Manish Kumar, Praful Nath Purohit (proprietor of Market Future India), RK Global Shares & Securities Ltd, Raghavendra Rajendra, Raghuveer Singh Rathore, Rajesh Jain (proprietor of Jinanand Research Analyst) and S Venkateshwar Rao. As per CNBC TV18, the action was taken under the SEBI (Intermediaries) Regulations, 2008, after the entities failed to renew their registrations despite being issued notices. The order has come into force with immediate effect and has also been served on BSE Ltd, the research analyst administration and supervisory body, for necessary compliance.
As reported by The Economic Times, every registered research analyst is required to pay renewal fees every five years from the date of registration. Under the rules, a research analyst must pay the renewal fee within three months before the end of the five-year period for which the earlier fee was paid. The regulator noted that renewal fees had remained unpaid from different dates, with CNI Research Ltd fees unpaid from March 23, 2025, S Venkateshwar Rao fees unpaid from April 7, 2025, Arjun Lenin and Raghavendra Rajendra fees unpaid from July 2025, and Kushank Kamal Poddar and Rajesh Jain fees unpaid from 2026. According to The Economic Times, SEBI found that the 12 RAs had failed to comply with this requirement, with the unpaid renewal dates ranging from March 2025 to April 2026. As per CNBC TV18, the market regulator found that the 12 entities failed to pay the fee after their respective due dates, which ranged from March 2025 to April 2026.
According to The Economic Times and CNBC TV18, Sebi initiated summary proceedings against the noticees under Regulation 30A of the SEBI Intermediaries Regulations, 2008. Notices were issued on May 29 and June 4, asking them to explain why their registration certificates should not be cancelled or suspended. The regulator noted that notices were duly served, but no replies were received from the noticees. Since no written submissions were filed within the prescribed period, Sebi proceeded with the matter based on the available record. As per CNBC TV18, SEBI had issued notices to the entities in May and June this year, asking them to explain why their registrations should not be cancelled or suspended, but none of the noticees responded within the stipulated period. According to The Economic Times, SEBI clarified that cancellation of the registrations does not absolve the entities of liability for any acts or omissions committed while they were functioning as registered research analysts.
As reported by The Economic Times and CNBC TV18, the cancellation was necessary because the certificates had already expired and were no longer in force. The regulator emphasized that the main purpose of cancelling the registrations was to prevent misuse of inactive SEBI registration certificates before unaware investors. In its order, SEBI said the cancellation was intended to prevent the misuse of expired registration certificates. The order also stated that cancellation of registration would not remove the noticees' liability for anything done or omitted while acting as research analysts. SEBI directed the noticees to ensure maintenance and preservation of records and documents required under regulations, and take steps for redressal of investor grievances, transfer of records, funds or securities of clients, continuity of service to clients and any pending defaults or actions. According to CNBC TV18, SEBI also clarified that despite the cancellation, the entities would continue to remain "liable for anything done or omitted to be done as Research Analysts."
