Sebi Cancels 10 Research Analyst Registrations

The Securities and Exchange Board of India (Sebi) has cancelled the registrations of 10 research analysts due to non-payment of renewal fees. The cancellations were made under Sebi's Intermediaries Regulations, 2008, after the entities failed to respond to notices from the regulator.

The research analysts whose registrations were 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. According to Sebi regulations, registered research analysts must pay a renewal fee every five years to keep their certificates active.

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.

Despite the notices, none of the entities responded within the stipulated timeframe. Following this, Sebi cancelled their certificates of registration. The regulator stated that the cancellation was aimed at preventing misuse of expired registration certificates.

Sebi also clarified that despite the 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.

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.

The cancellations demonstrate Sebi's efforts to ensure compliance with regulatory requirements and maintain the integrity of the capital markets. The regulator's actions are aimed at protecting investors and preventing any potential misuse of registration certificates.

In the context of the Indian capital markets, Sebi's regulations play a crucial role in maintaining transparency and accountability. The cancellation of registrations for non-compliance with regulatory requirements serves as a reminder to all market intermediaries of the importance of adhering to Sebi's rules and regulations.

The development is significant for the Indian capital markets, as it highlights the regulator's commitment to enforcing compliance and maintaining the trust of investors. As the capital markets continue to evolve, Sebi's efforts to ensure regulatory compliance will remain essential in maintaining the integrity of the markets.

In conclusion, the cancellation of registrations of 10 research analysts and an alternative investment fund by Sebi demonstrates the regulator's commitment to enforcing compliance with regulatory requirements. The move is aimed at preventing misuse of registration certificates and maintaining the integrity of the capital markets.