New Delhi, Jul 29 (PTI) Capital markets regulator Sebi has cancelled the registrations of 10 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 Imtiaz Rehman Merchant, Praveen Pathiyil, InGovern Research Services Pvt Ltd, Affluence Fincon Service Pvt Ltd, Priya Clyde Andrades and Praful Bohra, Sebi said in the order passed on Tuesday.
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 10 entities failed to pay the fees after their respective due dates, which ranged from July 2020 to December 2025.
The Securities and Exchange Board of India (Sebi) had issued notices to these entities in February 2025 and May 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 10 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”.
In a separate order, the regulator has cancelled the registration of Firstcapital Alternate Investment Trust for failing to file quarterly activity reports (QAR) for quarters ending March, June, September and December, 2025 with the markets watchdog.
Firstcapital Alternate Investment Trust is a Sebi-registered alternative investment fund (AIF).
According to Sebi norms, every registered AIF is required to submit a report on its quarterly activity to the markets watchdog within 15 calendar days from the end of each quarter.