Sebi cancels registration of 12 research analysts over unpaid renewal fees

Sebi has cancelled the registration certificates of 12 research analysts after they failed to pay renewal fees required to keep their registrations active. The order, issued on July 9, said every registered research analyst is required to pay renewal fees every five years from the date of registration. The regulator said the 12 entities and individuals had not paid the fees, due to which their certificates had ceased to be in force.

The names include Arjun Lenin, Anita Patnaik, CNI Research, East Bridge Advisors, Kushank Kamal Poddar, Manish Kumar, Praful Nath Purohit, proprietor of Market Future India, R K Global Shares & Securities Ltd, Raghavendra Rajendra, Raghuveer Singh Rathore, Rajesh Jain, proprietor of Jinanand Research Analyst, and S Venkateshwar Rao.

Sebi said these research analysts were registered under the SEBI Act and SEBI Research Analysts Regulations, 2014. Under the rules, a research analyst must pay the renewal fee within three months before the end of the five-year period for which the earlier fee was paid.

The regulator noted that renewal fees had remained unpaid from different dates. For instance, fees for CNI Research Ltd remained unpaid from March 23, 2025, while those for S Venkateshwar Rao remained unpaid from April 7, 2025. For Arjun Lenin and Raghavendra Rajendra, the unpaid period started in July 2025. For Kushank Kamal Poddar and Rajesh Jain, it started in 2026.

Sebi initiated summary proceedings against the noticees under Regulation 30A of the SEBI Intermediaries Regulations, 2008. Notices were issued on May 29 and June 4, asking them to explain why their registration certificates should not be cancelled or suspended.

The regulator said the notices were duly served, but no replies were received from the noticees. Since no written submissions were filed within the prescribed period, Sebi proceeded with the matter based on the available record.
Sebi said the cancellation was necessary because the certificates had already expired and were no longer in force. It added that the main purpose of cancelling the registrations was to prevent misuse of inactive SEBI registration certificates before unaware investors.The order also said that cancellation of registration would not remove the noticees’ liability for anything done or omitted to be done while acting as research analysts.

Sebi directed the noticees to ensure maintenance and preservation of records and documents required under regulations. They must also take steps for redressal of investor grievances, transfer of records, funds or securities of clients, continuity of service to clients and any pending defaults or actions.

The order has come into force with immediate effect. Sebi said a copy of the order will be served on all noticees and BSE, which acts as the Research Analyst Administration and Supervisory Body, for necessary compliance.