Sebi cancels registration of 11 research analysts for non-payment of renewal fee

Capital markets regulator Sebi on Tuesday cancelled the registrations of 11 research analysts for failing to pay the mandatory renewal fee required to keep their certificates of registration in force.

The action was taken under Sebi's Intermediaries Regulations, 2008, after the entities failed to renew their registrations despite being issued notices.

The entities whose registrations have been cancelled include 24 Carat Financial Services, Bansal Finstock Pvt Ltd, Sagar Shah, Manoj Asok Kumar, Amar Kumar Srivastava, Yash Utmani and Lakshmishree Investment & Securities Pvt Ltd.


Under Sebi norms, a registered research analyst is required to pay the renewal fee every five years from the date of registration to keep the certificate valid.

However, the markets watchdog found that the 11 entities failed to pay the fees after their respective due dates, which ranged from March 2020 to October 2025.

The Securities and Exchange Board of India (Sebi) had issued notices to these entities in February 2025 and May and June this year, asking them to explain why their registrations should not be cancelled or suspended.

However, none of the noticees (entities) responded within the stipulated period.

Accordingly, the regulator cancelled the certificates of registration of these 11 entities.

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

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".