SEBI cancels registrations of 12 research analysts over unpaid fees
SEBI has cancelled the registrations of 12 research analysts who failed to pay renewal fees, in a summary order dated 9 July 2026 meant to stop lapsed licences being misused.
The Enforcement Action
The Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration of 12 research analysts, in a summary order dated 9 July 2026 signed by Soma Majumder, Chief General Manager. The order was passed under Section 12(3) of the SEBI Act, 1992 read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008.
The 12 named in the order are Arjun Lenin (INH200007715), Anita Patnaik (INH000001220), CNI Research Ltd (INH000000180), East Bridge Advisors Private Limited (INH000002004), Kushank Kamal Poddar (INH000008279), Manish Kumar (INH300002449), Praful Nath Purohit, proprietor Market Future India (INH000001857), R K Global Shares & Securities Limited (INH000002210), Raghavendra Rajendra (INH200007681), Raghuveer Singh Rathore (INH100001898), Rajesh Jain, proprietor Jinanand Research Analyst (INH000008215), and S Venkateshwar Rao (INH200000287).
SEBI found that each had failed to pay the renewal fee that a registered research analyst must pay every five years to keep the registration in force. The order takes effect immediately and directs that a copy be served on BSE Limited, which acts as the Research Analyst Administration and Supervisory Body.
Background
Under Clause 3 of the Second Schedule to the SEBI (Research Analysts) Regulations, 2014, a research analyst granted a certificate of registration must pay a fee every five years, within three months before the period already paid for expires. Per the order, the renewal fees for these 12 analysts fell due on dates ranging from March 2015 to April 2026 and remained unpaid.
Because of the non-payment, SEBI states, the certificates of registration had already ceased to be in force. The regulator initiated summary proceedings and issued notices dated 29 May 2026 and 4 June 2026, calling on the analysts to explain, within 21 days, why their registrations should not be cancelled or suspended. SEBI notes that the notices were duly served but that no replies were received.
The order is administrative and records no finding of market misconduct against the 12. SEBI says the aim of cancellation is "to prevent the misuse of their certificates of registration with SEBI, which are no longer in force, on unaware investors." The order adds that the analysts remain liable for anything done or omitted while registered.
What It Means
The action is a reminder that a SEBI registration number is not a permanent badge. A research analyst whose registration has lapsed may keep circulating stock tips and reports while no longer being an active, fee-paying registrant subject to SEBI's supervision.
Investors can check the current status of any research analyst or investment adviser for themselves. SEBI maintains a public register of registered intermediaries on its website, and BSE Limited, as the Research Analyst Administration and Supervisory Body, publishes a list of active research analysts. Before acting on a recommendation, a reader can match the analyst's name and registration number, the INH-series code, against these registers to confirm the certificate is live.
More broadly, the order shows SEBI clearing dormant registrations from its books rather than alleging any scheme. For an ordinary investor the practical takeaway is simple: treat "SEBI-registered" as a claim to verify on the day you rely on it, not a label to take on trust.
FAQ
What exactly did SEBI order?
SEBI cancelled the certificates of registration of 12 research analysts under Section 12(3) of the SEBI Act, 1992 read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, in an order dated 9 July 2026. The cancellations follow non-payment of the mandatory five-yearly renewal fee, after which, SEBI notes, the registrations had already lapsed.
Does this mean the analysts did something fraudulent?
No. The order records an administrative cancellation for unpaid renewal fees, not a finding of manipulation or mis-selling. SEBI notes the registrations had already ceased to be in force. The analysts remain liable for anything done while registered, and due process, including any appeal rights, continues to apply.
Can the order be appealed?
Orders passed by SEBI can generally be challenged before the Securities Appellate Tribunal (SAT) within the limitation period set out in the SEBI Act. Any affected person who believes the cancellation is wrong may pursue that appellate route.
How can I check if my research analyst is registered?
Look up the analyst's name and INH-series registration number on SEBI's public register of intermediaries at sebi.gov.in, and on the list of research analysts kept by BSE Limited as the supervisory body. Confirm the registration is current before acting on any advice.
Where can I read the official order?
The full order is published on SEBI's website under Enforcement, Orders, dated 9 July 2026.
This report is based on the official SEBI order in the matter of certain research analysts, dated 9 July 2026, published under the board's enforcement orders.