1 week ago
SEBI Cancels 25 Research Analyst Registrations Over Unpaid Fees
SEBI is the regulator that oversees parts of India’s financial markets.
It cancelled the registrations of 25 research analysts.
These analysts were required to pay a renewal fee every five years.
SEBI said they did not pay the fees by their deadlines.
The deadlines fell between March 2020 and October 2025.
SEBI sent notices asking the entities to explain why their registrations should not be cancelled or suspended.
None of the entities provided evidence disputing the unpaid fees, according to the order.
SEBI said the cancellations would help prevent expired certificates from being misused, but the entities can still be held responsible for earlier actions or omissions.
SEBI cancelled the registrations of 25 research analysts, including Karvy Stock Broking.
The action followed non-payment of mandatory renewal fees required to keep registrations valid.
The unpaid fees were due between March 2020 and October 2025.
SEBI issued notices in February 2025 and May 2026, but none of the entities rebutted the non-payment findings.
The cancellations aim to prevent misuse of expired certificates, while the entities remain liable for past acts or omissions as research analysts.
- Who
- The Securities and Exchange Board of India and 25 research analysts, including Karvy Stock Broking.
- What
- SEBI cancelled the analysts’ registration certificates for failing to pay mandatory renewal fees.
- Where
- New Delhi, India.
- When
- The order was passed on a Thursday; the relevant fee deadlines ranged from March 2020 to October 2025.
- Why
- The entities failed to pay renewal fees and did not rebut SEBI’s findings after receiving notices.
Key facts
- Regulator
- Securities and Exchange Board of India (SEBI)
- Registrations cancelled
- 25 research analyst registrations
- Reason
- Failure to pay mandatory renewal fees
- Renewal cycle
- Every five years from the date of registration
- Fee deadlines
- March 2020 to October 2025
- Notices issued
- February 2025 and May 2026
- Continuing liability
- The entities remain liable for anything done or omitted while acting as research analysts
Quotes
Soma Majumder
SEBI Chief General Manager who issued the order
“It is established that the noticees have failed to pay the renewal fees as required under Sebi (Research Analysts) Regulations, 2014.”
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Sources
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