New Delhi, Capital markets regulator Sebi has cancelled the registrations of 25 research analysts, including Karvy Stock Broking, 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.
In an order passed on Thursday, the entities whose registrations have been cancelled include Financial Leader Advisory Services, Finquest Securities, Sharewealth Securities, Jhaveri Securities, Ajay Gupta, Anurag Jain, Shian Capital and Dipesh Mehta.
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 market watchdog found that the 25 entities failed to pay the fees after their respective due dates, which ranged from March 2020 to October 2025.
The Securities and Exchange Board of India (Sebi) had issued notices to these entities in February 2025 and May 2026, asking them to explain why their registrations should not be cancelled or suspended.
However, none of the noticees (25 entities) have furnished any evidence to rebut the factual position regarding non-payment of renewal fees by them.
“It is established that the noticees have failed to pay the renewal fees as required under Sebi (Research Analysts) Regulations, 2014,” Sebi’s Chief General Manager Soma Majumder said in the order.
Accordingly, Sebi cancelled the certificates of registration of these 25 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”.
