SEBI cancels registrations of eight investment advisers for unpaid renewal fees
SEBI has cancelled the registrations of eight investment advisers, including Karvy Investment Advisory Services and IDFC Alternatives, after they failed to pay renewal fees.
Key points
- SEBI cancelled the investment adviser registrations of eight firms in an order dated 4 November 2026, with immediate effect.
- SEBI said the firms had not paid the renewal fee due every five years, some since December 2018.
- The firms can no longer advise as SEBI-registered advisers and must still resolve client complaints and transfer client records.
SEBI has cancelled the registrations of eight investment advisers, including Karvy Investment Advisory Services, IDFC Alternatives and Quant Capital, because they did not pay the renewal fee needed to keep their registrations in force. The order, dated 4 November 2026, takes effect immediately.
What Happened
An investment adviser registered with SEBI must pay a fee every five years to keep its registration alive. SEBI said the eight advisers had not paid it, and that their registrations had therefore ceased to be in force.
The order covers Karvy Investment Advisory Services Limited, Sagacis Investment Advisor, Tathastu Investment Adviser Private Limited, Quant Capital Private Limited, Arkanis Capital, IRA Wealth Advisor, IDFC Alternatives Limited and IndiaNivesh Investment Managers Pvt. Ltd. According to the order, the fees had been unpaid since dates ranging from 4 December 2018 for Tathastu to 9 May 2024 for IRA Wealth Advisor.
SEBI issued notices under its summary procedure, asking each adviser to explain within 21 days why its registration should not be cancelled. Six did not reply. IDFC Alternatives and IndiaNivesh Investment Managers replied that SEBI may cancel their registrations. SEBI's chief general manager then cancelled all eight under Section 12(3) of the SEBI Act and the SEBI Intermediaries Regulations.
What It Means
SEBI said the main purpose of the cancellation is to stop expired registrations from being misused on unaware investors. The order does not find that any of the advisers misled clients, and it says each remains liable for anything it did or failed to do as an adviser, and for any action taken or still to be taken against it.
The advisers must preserve their records, resolve investor complaints, transfer clients' records, funds or securities, and arrange continuity of service for their clients. A copy goes to BSE Limited, which supervises investment advisers.
For investors, the practical point is that none of these eight firms may now give investment advice as a SEBI-registered adviser. Before paying anyone for advice, a reader can check SEBI's list of registered intermediaries on www.sebi.gov.in. A complaint about a registered adviser, including a pending grievance with any of these firms, can be filed at https://scores.sebi.gov.in. The order can be appealed before the Securities Appellate Tribunal.
Source: SEBI order
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Sources & Citations
- SEBI order — Securities and Exchange Board of India