The Securities and Exchange Board of India (SEBI) has cancelled the registrations of 10 research analysts after they failed to pay the mandatory renewal fees required to continue their regulated activities. The market regulator took the action under the SEBI (Intermediaries) Regulations, 2008, following repeated notices issued to the entities for completing the renewal process.

The cancelled registrations include Imtiaz Rehman Merchant, Praveen Pathiyil, Ingovern Research Services Pvt Ltd, Mahesh Shrikrishna Joshi, Affluence Fincon Service Pvt Ltd, Dhruvesh Sanghvi, Praful Bohra, Priya Clyde Andrades, Riyas Cholamughath, and Satish Kumar Chamaria. These entities were registered with SEBI as research analysts but failed to fulfil the renewal requirements within the prescribed period.

Under SEBI regulations, registered research analysts are required to pay a renewal fee every five years from the date of registration to maintain the validity of their certificates. According to the regulator, the renewal deadlines for the affected entities fell between July 2020 and December 2025, but the required payments were not made despite sufficient time being provided.

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Before cancelling the registrations, SEBI issued show-cause notices in February 2025 and May 2026, giving the entities an opportunity to explain why their certificates should not be suspended or cancelled. However, none of the concerned entities submitted a response within the given timeframe, leading the regulator to proceed with cancellation of their registrations.

SEBI said the action was necessary to prevent entities with expired registrations from continuing to operate as authorised research analysts and potentially misusing their previous registration status. The regulator emphasised that only validly registered entities can provide regulated research services under the applicable framework.

The market regulator also clarified that cancellation of the registrations does not remove any legal responsibilities or liabilities arising from actions taken by the entities during the period when their registrations were valid. SEBI’s move highlights its continued efforts to ensure compliance among financial intermediaries and maintain transparency and investor protection in the securities market.

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