The Securities and Exchange Board of India (SEBI) has taken decisive action against non-compliant market intermediaries, cancelling the registrations of 40 entities - 25 research analysts and 15 investment advisers - for failing to pay mandatory renewal fees. According to the latest reports from CNBC TV18, The Economic Times, and Business Standard, these cancellations were implemented under SEBI's Intermediaries Regulations, 2008 and SEBI (Investment Advisers) Regulations, 2013, with immediate effect due to non-payment of renewal fees within the stipulated period. The regulator issued notices to these entities in February 2025, May 2026, and June 2025, asking them to explain why their registrations should not be suspended or cancelled, but none of the noticees had furnished any evidence to rebut the factual position regarding non-payment of renewal fees.
Under the SEBI (Research Analysts) Regulations, 2014 and SEBI (Investment Advisers) Regulations, 2013, registered entities are required to pay renewal fees every five years to keep their registration valid. As reported by CNBC TV18, The Economic Times, and Business Standard, SEBI found that the 25 research analysts had failed to pay the renewal fees after their respective due dates, which ranged from March 2020 to October 2025. Similarly, the 15 investment advisers had failed to pay the renewal fees within the stipulated period, leading to the cancellation of their certificates. The regulator clarified that cancellation of registration does not absolve the entities of liabilities arising from their past activities as registered intermediaries.
Among the 25 research analysts whose registrations were cancelled are Financial Leader Advisory Services, Finquest Securities, Sharewealth Securities, Jhaveri Securities, Ajay Gupta, Anurag Jain, Shian Capital and Dipesh Mehta. As reported by CNBC TV18, these entities were all registered under SEBI's regulatory framework. Among the 15 investment advisers whose registrations were cancelled are Capvision Investment Advisor, Wise Finserv, Hardik Mahendrakumar Shukla, Sharanjit Singh, Money India Research, Exfinity Venture Partners LLP and Tanya Gupta. The cancellations were implemented with immediate effect due to non-payment of renewal fees within the stipulated period, with The Economic Times and Business Standard reporting that no replies were received within the prescribed time after notices were issued in June 2025.
Despite the cancellation of their registration certificates, the entities will continue to remain responsible for maintaining records, addressing investor grievances, ensuring continuity of client services and complying with other regulatory requirements, if applicable. According to CNBC TV18, The Economic Times, and Business Standard, SEBI emphasized that the cancellation does not absolve them of their past obligations towards investors and regulatory compliance requirements. SEBI's Chief General Manager Soma Majumder stated in the order that "it is established that the noticees have failed to pay the renewal fees as required under Sebi (Research Analysts) Regulations, 2014," and that the cancellation is intended to prevent misuse of expired registration certificates. The regulator clarified that despite the cancellation, the entities would continue to remain "liable for anything done or omitted to be done as Research Analysts."
