Sebi Cancels 15 Research Analyst Registrations Over Fees

New Delhi, Jun 30 (PTI) Capital markets regulator Sebi on Tuesday cancelled the registration of 15 research analysts after they failed to pay mandatory renewal fees.

The order follows summary proceedings initiated by the regulator after the research analysts failed to renew their registrations despite repeated opportunities.

The 15 entities whose registrations have been cancelled include Bipin Manilal Savla, Comfort Securities Ltd, Sudip Bandyopadhyay, Ideal Associates, Kalpesh Rathi and Krishnamurthy Sethuraman.

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.

However, the 15 entities failed to pay the fees after their respective due dates, which ranged from June 2020 to July 2024.


Thereafter, Sebi issued show-cause notices to the entities in February 2025.

The capital market watchdog noted that while the entities responded, none of them produced documentary evidence disputing the non-payment of renewal fees.

In its order, the regulator said the cancellation is intended to prevent misuse of expired registration certificates by unsuspecting investors.

It also clarified that despite the cancellation, the entities would continue to remain "liable for anything done or omitted to be done as Research Analysts".

"I, in exercise of powers...hereby cancel the following certificates of registration as Research Analysts of noticees no 1 to 15," Sebi's Chief General Manager Soma Majumder said in the order.