SEBI Cancels Certificates of 12 Research Analysts After Non-Payment of Mandatory Renewal Fees

SEBI Cancels Certificates of 12 Research Analysts After Non-Payment of Mandatory Renewal Fees​

The Securities and Exchange Board of India (SEBI) has issued a decisive order leading to the cancellation of registration certificates for twelve registered Research Analysts (RAs). The decision stems from the noticed failure of these analysts and entities to pay mandatory renewal fees as required under SEBI regulations.

The regulatory action underscores SEBI's commitment to maintaining compliance standards within the financial intermediation sector. A total of 12 Noticees, encompassing both individual researchers and corporate entities, have had their certificates cancelled with immediate effect.

Regulatory Requirement: Five-Year Fee Payment​

As per the SEBI (Research Analysts) Regulations, 2014, every registered Research Analyst is mandated to pay a renewal fee. This fee must be paid within three months prior to the expiration of the five-year registration period granted by SEBI.

The Noticees, who held registrations dating back as early as 23 March 2015, failed to comply with this regulatory obligation. Consequently, the certificates of registration for these RAs have ceased to be in force due to non-payment.

Summary Proceedings Initiated by SEBI​

SEBI initiated summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008 and Section 12(3) of the SEBI Act, 1992. The action targeted RAs who failed to meet the compliance timelines established for their registrations.

Notices were formally issued to all twelve Noticees on May 29, 2026, and June 04, 2026. These notices demanded submissions or documentary evidence explaining why their certificates should not be cancelled or suspended.

Despite being duly served with these communications, the SEBI noted that no replies were received from any of the Noticees within the stipulated timeframe. The regulatory body proceeded based on the available records and default actions.

Details of Cancelled Registrations​

The individuals and entities whose registration certificates have been cancelled include Arjun Lenin (Registration No. INH200007715) and Anita Patnaik (INH000001220).

Other firms and analysts affected by the order include CNI Research Ltd, East Bridge Advisors Private Limited, Kushank Kamal Poddar, Manish Kumar, Praful Nath Purohit Proprietor Market Future India, R K Global Shares & Securities Limited, Raghavendra Rajendra, Raghuveer Singh Rathore, Rajesh Jain (Proprietor: Jinanand Research Analyst), and S Venkateshwar Rao.

Post-Cancellation Obligations for Analysts​

The SEBI order explicitly states that the cancellation of registration does not absolve the Noticees of their ongoing liabilities. The RAs remain liable for any actions or omissions carried out while operating as Research Analysts.

A core purpose of the cancellation, as stated by the board, is to prevent the misuse of certificates that are no longer in force among unwary investors. All affected Noticees must ensure the maintenance and preservation of relevant records and documents.

Furthermore, they must undertake the redressal of investor grievances, transfer of client records or funds, maintain service continuity for their clients, and complete any pending actions related to their previous advisory role.