SEBI Cancels Registration Of 15 Research Analysts Over Non-Payment Of Renewal Fees

The Securities and Exchange Board of India (SEBI) on Tuesday cancelled the certificates of registration of 15 research analysts for failure to pay the mandatory renewal fees under the SEBI (Research Analysts) Regulations, 2014.

The order was passed by SEBI's Chief General Manager Soma Majumder.

SEBI initiated summary proceedings against the noticees over non-payment of renewal fees.

The regulator noted that as per the SEBI (Research Analysts) Regulations, every registered research analyst is required to pay a renewal fee every five years from the date of grant of registration in order to keep the registration in force.

It found that the registrations of the 15 noticees had expired between 2020 and 2024, while the renewal fees remained unpaid. Accordingly, show cause notices were issued in February 2025.

Although the noticees responded to the show cause notices, none produced documentary evidence to dispute SEBI's findings regarding non-payment of renewal fees.

“Therefore, it is established that the Noticees have failed to pay the renewal fees as required under SEBI (Research Analysts) Regulations, 2014.” it observed

The noticees were also asked to surrender their certificates of registration through the designated BSE portal, but they failed to comply.

Observing that the mandatory renewal fee had not been paid, SEBI held that their certificates of registration had ceased to remain in force.

Accordingly, the regulator cancelled the registration certificates of all 15 research analysts with immediate effect.

“Irrespective of the cancellation of certificates of registration as Research Analysts as provided above, the respective Noticees shall continue to be liable for anything done or omitted to be done as Research Analysts.” it clarified