SEBI cancels 17 research analysts' registrations over unpaid fees

The Enforcement Action

The Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration of 17 research analysts, acting through a summary-proceedings order dated 4 August 2026. The order, passed by Chief General Manager Soma Majumder under Section 12(3) of the SEBI Act, 1992 read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, removes each firm and individual from the register of intermediaries with immediate effect.

The 17 covered by the order include corporate research houses and individual analysts named in it: Concept Securities Pvt. Ltd. (INH000002715), Equity Right (INH000004802), Grovalue Financial Services Pvt. Limited (INH000003499), Guiness Securities Limited (INH000003390), Jyoti More (INH000005810), Mamraj Singh (INH100004748), Narendrasinh Surajsinh Jadoun (INH000006916), Ravi Bakulbhai Parikh (INH000003416), S Balaji (INH200005577), Sivaram Pandravada (INH200005355), Sriramanan R (INH200006682), Tradedeal Financial Services Private Limited (INH000003333), Uday Raj Mittal (INH300005404), Vaibhav Jain (INH100004863), Raghav Behani (INH200004471), Satco Capital Markets Ltd (INH000002343) and Tips Advisory (INH200001574).

The action is administrative rather than punitive. SEBI did not allege any manipulation, mis-selling or investor loss, and it imposed no penalty or disgorgement. The single ground stated in the order is that each analyst failed to pay the renewal fee required to keep a research-analyst registration in force. Three of the 17 - Raghav Behani, Satco Capital Markets and Tips Advisory - had themselves written to SEBI asking that their registration be cancelled, per the order.

How the Scheme Worked

Under the SEBI (Research Analysts) Regulations, 2014, a research analyst is a regulated intermediary who must hold a live certificate of registration to publish research or make recommendations for the public. Clause 3 of the Second Schedule to those regulations requires, in the order's words, that an analyst "shall pay fee every five years, from the date of grant of certificate of registration". The fee is due within three months before the current five-year period expires, and non-payment causes the registration to lapse.

According to the order, each of the 17 analysts crossed that five-year mark without renewing. The dates from which the renewal fee remained unpaid range from November 2020, for Satco Capital Markets, and August 2020, for Tips Advisory, through to March 2024, for Narendrasinh Surajsinh Jadoun. The spread shows registrations that had quietly fallen out of force over several years rather than in a single cycle.

Because the certificates had ceased to be in force, SEBI initiated Summary Proceedings under Regulation 30A of the Intermediaries Regulations, 2008. The regulator issued show-cause notices dated 3 February 2025, 4 February 2025 and 24 February 2025, calling on each analyst to explain within 21 days why the registration should not be cancelled or suspended. The order records that the notices were "duly served upon the Noticees".

No replies were received from the first 14 noticees, the order states. Regulation 30A allows the competent authority to pass a cancellation or suspension order where no written submission is filed within the specified period. The remaining three, noticees 15 to 17, replied requesting that their registration be cancelled. Finding that the certificates "have already expired", the Chief General Manager held that all 17 registrations should be cancelled. There is, on the face of the order, no denial to record: most did not respond and three consented to cancellation.

The Law Invoked

The order rests on provisions the document itself cites. Section 12(3) of the SEBI Act, 1992 empowers the Board to "suspend or cancel a certificate of registration" by order, in the manner determined by regulations. Section 12(1) is the provision under which the analysts were registered in the first place, and Section 19 permits SEBI to delegate its powers to an officer, which is how a Chief General Manager, rather than a Whole Time Member, comes to sign the order.

Regulation 30A of the SEBI (Intermediaries) Regulations, 2008 sets out the Summary Proceedings route. It requires the competent authority to issue a notice stating the grounds, gives the noticee 21 calendar days to respond in writing, and empowers the authority to "pass an appropriate order of cancellation or suspension of the certificate of registration" once that window closes.

Clause 3 of the Second Schedule to the SEBI (Research Analysts) Regulations, 2014 is the substantive obligation at issue: the five-yearly renewal-fee requirement that, unmet, causes a registration to expire. Regulation 30A(10) of the Intermediaries Regulations continues to bind the analysts even after cancellation, chiefly on record-keeping and client-service duties.

What Happens Next

The order came into force with immediate effect. A copy has been served on each analyst and on BSE Limited, which now functions as the Research Analyst Administration and Supervisory Body (RAASB) responsible for day-to-day oversight of analysts. BSE has been directed to "ensure necessary compliances".

Cancellation does not wipe the slate. The order expressly states that the analysts "shall continue to be liable for anything done or omitted to be done as Research Analysts" while they were registered. Each must also preserve records, redress pending investor grievances, transfer client records, funds or securities, and ensure continuity of service to existing clients, in line with Regulation 30A(10).

A SEBI order of this kind is appealable. An aggrieved analyst may approach the Securities Appellate Tribunal (SAT) under Section 15T of the SEBI Act within the prescribed period, and thereafter the Supreme Court on a question of law. An analyst who simply wishes to resume the business may also apply afresh for registration and bring the fee position up to date, subject to SEBI's current eligibility norms.

What It Means

For ordinary investors, the practical message is about the register, not about any wrongdoing. The order's stated purpose is to "prevent the misuse of their certificates of registration with SEBI, which are no longer in force, on unaware investors". A cancelled or lapsed registration number should no longer be quoted to lend credibility to research or tips.

That makes verification the takeaway. Before acting on a research report, a model portfolio or a "sure-shot" recommendation, an investor can confirm the adviser's status on SEBI's public list of registered research analysts and on the BSE RAASB portal, checking that the INH registration number is both genuine and current. A number that has lapsed for non-payment carries none of the accountability - record-keeping, disclosure and grievance redress - that a live registration is meant to guarantee.

The wider signal is that SEBI is housekeeping its intermediary register. Clearing dormant or unrenewed registrations is routine supervisory hygiene, but it matters because dead credentials are exactly what unregistered operators borrow to look legitimate. Treating an INH number as a live fact to be checked, rather than a label to be trusted, is the durable protection here.

FAQ

What exactly did SEBI order?

SEBI cancelled the certificates of registration of 17 research analysts through a summary-proceedings order dated 4 August 2026, under Section 12(3) of the SEBI Act read with Regulation 30A of the Intermediaries Regulations. The sole ground was non-payment of the five-yearly renewal fee. No penalty, disgorgement or finding of investor harm was imposed.

Why were these registrations cancelled?

The order records a single ground: non-payment of the five-yearly renewal fee. It does not allege manipulation, mis-selling or any loss to investors, and no penalty was imposed. Three of the 17 had themselves asked SEBI to cancel their registration. The action is administrative, and each analyst remains liable for anything done while registered.

Can the order be appealed?

Yes. An order passed by SEBI can be challenged before the Securities Appellate Tribunal under Section 15T of the SEBI Act within the prescribed time, and thereafter before the Supreme Court on a question of law. An analyst may alternatively apply afresh for registration after clearing the outstanding fee position.

How can I check if my research analyst is registered?

Use SEBI's public list of registered research analysts on sebi.gov.in and the BSE RAASB portal. Match the analyst's INH registration number and confirm it is current. If the number is missing or shows as cancelled, treat any recommendation with caution and do not rely on the credential alone.

Where can I read the official order?

The order is published on SEBI's website in the enforcement-orders section for August 2026, under "Order in the matter of certain Research Analysts", signed by Chief General Manager Soma Majumder on 4 August 2026.

This report is based on the official SEBI order dated 4 August 2026 in the matter of certain Research Analysts, published in SEBI's enforcement-orders section.