Sebi Cancels Registrations Of 10 Research Analysts For Failing To Pay Renewal Fees

New Delhi, July 29: Capital markets regulator Securities and Exchange Board of India (Sebi) has cancelled the registrations of 10 research analysts for failing to pay the mandatory renewal fee required to keep their certificates of registration valid.

The action was taken under Sebi’s Intermediaries Regulations, 2008, after the entities failed to renew their registrations despite receiving notices from the regulator.

The entities whose registrations have been cancelled include Imtiaz Rehman Merchant, Praveen Pathiyil, InGovern Research Services Pvt Ltd, Affluence Fincon Service Pvt Ltd, Priya Clyde Andrades and Praful Bohra, among others.

Under Sebi regulations, registered research analysts must pay a renewal fee every five years from the date of registration to keep their certificates active.

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However, Sebi found that the 10 entities failed to pay the required fees even after their renewal due dates, which ranged between July 2020 and December 2025.

The regulator had issued notices to the entities in February 2025 and May 2026, seeking explanations on why their registrations should not be suspended or cancelled.

However, none of the entities responded within the stipulated timeframe.

Following this, Sebi cancelled their certificates of registration.

In its order, Sebi said the cancellation was aimed at preventing misuse of expired registration certificates.

The regulator clarified that despite cancellation, the entities would remain liable for any actions or omissions committed during their period as registered research analysts.

In a separate order, Sebi cancelled the registration of Firstcapital Alternate Investment Trust, a Sebi-registered alternative investment fund (AIF), for failing to submit quarterly activity reports (QARs).

The trust had not filed mandatory quarterly reports for the quarters ending March, June, September and December 2025.

As per Sebi norms, registered AIFs must submit quarterly activity reports to the regulator within 15 calendar days from the end of each quarter.

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