Capital markets regulator Securities and Exchange Board of India (Sebi) on Tuesday cancelled the registration certificates of 11 research analysts for non-payment of mandatory renewal fees required to maintain their valid operational status.
The regulatory action was taken under the provisions of the Sebi (Intermediaries) Regulations, 2008, after the failure of the entities to update their registrations despite prior official notices.
The list of affected entities whose registrations stand cancelled includes 24 Carat Financial Services, Bansal Finstock Pvt Ltd, Sagar Shah, Manoj Asok Kumar, Amar Kumar Srivastava, Yash Utmani and Lakshmishree Investment & Securities Pvt Ltd.
However, the market regulator observed that these 11 entities failed to pay the prescribed fees after their respective due dates, which fell between March 2020 and October 2025.
To allow them an opportunity to clarify their position, Sebi had issued them show-cause notices in February 2025 as well as in May and June of this year, directing the entities to explain why their registrations should not be suspended or cancelled.
Due to a complete lack of response from any of the noticees within the stipulated time period, the market watchdog proceeded with the cancellation of the certificates of these 11 entities.
In its final order, the regulator emphasised that the step for the cancellation is intended to prevent misuse of expired registration lapsed certificates. SEBI also clarified that despite the cancellation, the entities would continue to remain “liable for anything done or omitted to be done as Research Analysts”.
Earlier in July, SEBI cancelled the registrations of 12 research analysts for failing to pay the mandatory renewal fee required to keep their certificates of registration in force.
The entities whose registrations have been cancelled include Arjun Lenin, CNI Research Ltd, East Bridge Advisors Pvt Ltd, Kushank Kamal Poddar and R K Global Shares & Securities Ltd, the regulator said in an order on July 9.
