Sebi Cancels 17 Research Analyst Registrations Over Fees

New Delhi, Aug 4 (PTI) Capital markets regulator Sebi on Tuesday cancelled the registrations of 17 research analysts for failing to pay the mandatory renewal fee required to keep their certificates of registration in force.

The action was taken under Sebi's Intermediaries Regulations, 2008, after the entities failed to renew their registrations despite being issued notices.

The entities whose registrations have been cancelled include Concept Securities Pvt Ltd, Grovalue Financial Services, Guiness Securities, Jyoti More, S Balaji, Trade deal Financial Services, I Tips Advisory and Satco Capital Markets Ltd.

Under Sebi norms, a registered research analyst is required to pay the renewal fee every five years from the date of registration to keep the certificate valid.

However, the markets watchdog found that the 17 entities failed to pay the fees after their respective due dates, which ranged from May 2017 to March 2024.


The Securities and Exchange Board of India (Sebi) had issued notices to these entities in February 2025 asking them to explain why their registrations should not be cancelled or suspended.

However, none of the noticees (entities) responded within the stipulated period.

Accordingly, the regulator cancelled the certificates of registration of these 17 entities.

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

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".