Sebi cancels registration of Religare Capital Mkts, 11 others for non-payment of renewal fee

Markets regulator Sebi has cancelled the registration of Religare Capital Markets and 11 other entities after they failed to pay mandatory renewal fees.

The order follows summary proceedings initiated by the regulator after the research analysts failed to renew their registrations despite repeated opportunities, Sebi said in an order passed on Wednesday.

Indeed Research, WSA Equity and Financial Research, IndiaNivesh Securities, Espirito Santo Securities India, Sunil Kumar Dhavala, Magnum Capital Advisors, and Ravi Kiran Kulkarni are among the other entities whose registrations have been cancelled.


Under Sebi's (Research Analysts) Regulations, 2014, each registered research analyst is required to pay renewal fees every five years to keep their registration in force.

However, these 12 entities failed to pay the fees after their respective due dates, which ranged from May 2024 to November 2025.

Thereafter, Sebi issued show-cause notices to the entities, including Religare Capital Markets, in February 2025, May and August 2026.

The capital market watchdog noted that while the entities responded, none of them produced documentary evidence disputing the non-payment of renewal fees.

In its order, the regulator said the cancellation is intended to prevent misuse of expired registration certificates by unsuspecting investors.

It also clarified that despite the cancellation, the entities would continue to remain "liable for anything done or omitted to be done as Research Analysts".

"I, in exercise of powers... hereby cancel the following certificates of registration as Research Analysts," Sebi's Chief General Manager Soma Majumder said in the order.