- SEBI cancelled registrations of 10 research analysts for non-payment of renewal fees
- The action was taken under SEBI (Intermediaries) Regulations, 2008 after multiple notices
- Entities failed to renew certificates between July 2020 and December 2025 as required
The Securities and Exchange Board of India (SEBI) has cancelled the registrations of 10 research analysts after they failed to pay the mandatory renewal fees required to keep their certificates valid.
The regulator took the action under the SEBI (Intermediaries) Regulations, 2008, after the entities failed to complete the renewal process despite receiving multiple notices.
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The cancelled registrations include Imtiaz Rehman Merchant, Praveen Pathiyil, Ingovern Research Services Pvt Ltd, Mahesh Shrikrishna Joshi, Affluence Fincon Service Pvt Ltd, Dhruvesh Sanghvi, Praful Bohra, Priya Clyde Andrades, Riyas Cholamughath, and Satish Kumar Chamaria.
Under SEBI regulations, every registered research analyst must pay a renewal fee every five years from the date of registration to continue offering regulated research services. According to the regulator, the renewal deadlines for these entities fell between July 2020 and December 2025, but the required payments were not made.
Before cancelling the registrations, SEBI issued show-cause notices in February 2025 and May 2026, giving the entities an opportunity to explain why their certificates should not be suspended or cancelled.
However, none of the entities responded within the stipulated time, prompting SEBI to cancel their registrations.
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SEBI said the action was necessary to prevent the misuse of expired registration certificates by entities no longer authorised to operate as registered research analysts.
The regulator also clarified that the cancellation does not absolve these entities of any liabilities arising from actions taken or omissions made while their registrations were valid.
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