Markets regulator Sebi has cancelled the registrations of Religare Capital Markets and 11 other entities after they failed to pay mandatory renewal fees for research analyst registrations. According to reports from The Economic Times and Rediff Moneynews, the entities were given repeated opportunities to renew their registrations but failed to comply with the requirements. The cancellations were announced in an order passed on Wednesday following summary proceedings initiated by the regulator.
Under Sebi's (Research Analysts) Regulations, 2014, each registered research analyst is required to pay renewal fees every five years to keep their registration in force. As reported by The Economic Times and Rediff Moneynews, these 12 entities failed to pay the fees after their respective due dates, which ranged from May 2024 to November 2025. The regulator issued show-cause notices to the entities in February 2025, May and August 2026, but none of them produced documentary evidence disputing the non-payment of renewal fees.
According to the Sebi order, the cancelled registrations include Indeed Research, WSA Equity and Financial Research, IndiaNivesh Securities, Espirito Santo Securities India, Sunil Kumar Dhavala, Magnum Capital Advisors, and Ravi Kiran Kulkarni among other entities. As reported by The Economic Times and Rediff Moneynews, Religare Capital Markets was among the entities whose registrations have been cancelled due to the non-payment of renewal fees. The capital market watchdog noted that while the entities responded to the show-cause notices, none of them provided documentary evidence to dispute the non-payment claims.
In its order, Sebi clarified that the cancellation is intended to prevent misuse of expired registration certificates by unsuspecting investors. According to The Economic Times and Rediff Moneynews, the regulator stated that despite the cancellation, the entities would continue to remain 'liable for anything done or omitted to be done as Research Analysts'. The order was signed by Sebi's Chief General Manager Soma Majumder, exercising the regulator's powers to protect market integrity. As per Rediff Moneynews, the order specifically states that the cancellation is designed to prevent misuse of expired registration certificates by unsuspecting investors.
