SEBI cancels registration of 12 research analysts for non-payment of renewal fee

Capital markets regulator SEBI has 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 action was taken under the SEBI (Intermediaries) Regulations, 2008, after the entities failed to renew their registrations despite being issued notices.

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 issued on Thursday.
Under SEBI norms, every registered research analyst is required to pay a renewal fee every five years from the date of registration to keep the certificate valid.
However, the market regulator found that the 12 entities failed to pay the fee after their respective due dates, which ranged from March 2025 to April 2026.SEBI had issued notices to the entities in May and June this year, asking them to explain why their registrations should not be cancelled or suspended.

However, none of the noticees responded within the stipulated period.

Accordingly, the regulator cancelled the certificates of registration of all 12 entities as research analysts.

In its order, SEBI said the cancellation was intended to prevent the 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.”