SEBI Cancels 17 Research Analysts: Is Your Advisor on the List?

Would you know if your Research Analyst’s certificate was already dead? Seventeen investors’ worth of tips just found out the hard way.

The gap between “registered” and “valid” isn’t as small as it sounds.

A License That Quietly Stopped Being Valid

Every Research Analyst registered with SEBI has to pay a renewal fee once every five years to keep their certificate active.

Miss that payment, and the registration stops being in force, even if the certificate number still exists and still looks official to anyone who searches for it.

That’s exactly what happened to 17 Research Analysts named in this order. Their registration numbers were all issued legitimately at some point. What lapsed was the ongoing requirement to keep paying to stay valid.

SEBI sent notices to all 17 in February 2025, asking them to explain why their certificates shouldn’t be cancelled. It gave them 21 days to reply with any documents supporting their case.

Some of These Firms Had Been Unpaid for Years Before Anyone Noticed

The gap between when a firm stopped paying and when SEBI actually acted varied a lot across this list.

Guiness Securities Limited was registered in September 2016 and stopped paying its renewal fee in September 2021, five years later. Ravi Bakulbhai Parikh’s registration lapsed in September 2021 too, also five years after his original registration date.

Satco Capital Markets Ltd and I Tips Advisory both have registration dates going back to 2015, and both went unpaid starting in 2020. That means both firms had been operating on an expired registration for roughly six years by the time this cancellation order was finally passed.

None of this shows up automatically if you just look up a registration number and see that it exists. The number itself doesn’t tell you whether the fee behind it is current.

Fourteen Firms Didn’t Even Respond to SEBI

Out of the 17 Notices, 14 simply never replied to SEBI’s notice at all. No written submission, no documents, nothing.

SEBI’s order notes that since these firms failed to respond within the required 21 days, the regulator was entitled to go ahead and cancel their registrations purely on the basis of the non-payment already on record.

Three of the 17, Raghav Behani, Satco Capital Markets, and I Tips Advisory, did respond, but only to tell SEBI it was fine to go ahead and cancel their registration.

The Full List: Every Firm, Registration Number, and How Long They Ran on a Lapsed License

This is the table our team put together straight from SEBI’s order, because a bare list of names doesn’t tell you what actually matters here: how long each firm had already been operating without a valid registration before SEBI caught up with them.

If you’ve ever paid any of these names for a stock tip, a research report, or an advisory subscription, this is worth reading line by line.

	Entity Name	SEBI Reg. No.	Registered Since	Fee Unpaid Since	Approx. Time on Lapsed License	Response to SEBI
1	Concept Securities Pvt. Ltd.	INH000002715	08-Mar-2016	08-Mar-2021	~5.4 years	No response filed
2	Equity Right	INH000004802	19-May-2017	19-May-2017	~9 years	No response filed
3	Grovalue Financial Services Pvt. Limited	INH000003499	18-Oct-2016	18-Oct-2021	~4.8 years	No response filed
4	Guiness Securities Limited	INH000003390	06-Sept-2016	06-Sept-2021	~4.9 years	No response filed
5	Jyoti More	INH000005810	09-Apr-2018	09-Apr-2023	~3.3 years	No response filed
6	Mamraj Singh	INH100004748	28-Apr-2017	28-Apr-2022	~4.3 years	No response filed
7	Narendrasinh Surajsinh Jadoun	INH000006916	14-Mar-2019	14-Mar-2024	~2.4 years	No response filed
8	Ravi Bakulbhai Parikh	INH000003416	17-Sept-2016	17-Sept-2021	~4.9 years	No response filed
9	S Balaji	INH200005577	10-Jan-2018	10-Jan-2023	~3.6 years	No response filed
10	Sivaram Pandravada	INH200005355	06-Nov-2017	06-Nov-2022	~3.7 years	No response filed
11	Sriramanan R	INH200006682	26-Dec-2018	26-Dec-2023	~2.6 years	No response filed
12	Tradedeal Financial Services Private Limited	INH000003333	11-Aug-2016	11-Aug-2021	~5 years	No response filed
13	Uday Raj Mittal	INH300005404	13-Nov-2017	13-Nov-2022	~3.7 years	No response filed
14	Vaibhav Jain	INH100004863	06-Jun-2017	06-Jun-2022	~4.2 years	No response filed
15	Raghav Behani	INH200004471	24-Nov-2016	24-Nov-2021	~4.7 years	Asked SEBI to cancel
16	Satco Capital Markets Ltd	INH000002343	26-Nov-2015	26-Nov-2020	~5.7 years	Asked SEBI to cancel
17	I Tips Advisory	INH200001574	25-Aug-2015	25-Aug-2020	~6 years	Asked SEBI to cancel

Table compiled by the aseemjuneja.in research desk from SEBI’s official order dated August 4, 2026. Time figures are approximate and calculated up to the date of this order.

Notice how many of these gaps run four, five, even close to six years. That’s not a paperwork delay of a few months. That’s years of a certificate existing on paper while the actual registration behind it had already stopped counting for anything.

If you recognise any of these names from a paid tip service, a stock recommendation channel, or a research subscription you’re currently paying for, it’s worth double-checking where things stand before you pay them again.

What This Means If You’re Currently Paying Any of These Firms?

SEBI’s own order states plainly that the point of cancelling these certificates is to stop them from being misused on investors who don’t know the registration is no longer valid.

Cancellation doesn’t erase past responsibility either. The order makes clear that all 17 remain liable for anything they did while they were still registered, including refunds, grievance handling, and transferring client records properly.

If you’re currently paying any of these 17 for research or advisory services, that firm is no longer a SEBI-registered Research Analyst as of this order. Any research, tips, or recommendations they give you going forward would fall outside SEBI’s regulatory protection.

A registration number that shows up in an old screenshot or an old certificate on someone’s website doesn’t confirm anything about today. The safest step is to check the current status directly.

Paying for research or advisory services and not sure if the registration is still valid?

Our team can help you verify a firm’s current SEBI status and figure out your options if you’ve already paid.

Register with us for a free case review.

Report. Recover. Stay Fraud Free.

Frequently Asked Questions

1. Why did SEBI cancel these 17 Research Analyst registrations?

All 17 failed to pay the renewal fee that SEBI requires every five years to keep a Research Analyst registration active, so their certificates stopped being valid.

2. Does a SEBI registration number automatically mean it's still active?

No. A registration number can exist and look legitimate even after the underlying certificate has lapsed due to unpaid renewal fees, which is exactly what happened here.

3. How long had some of these firms been operating without a valid registration?

It varies, but several firms, including Satco Capital Markets and I Tips Advisory, had gone without paying their renewal fee for around five to six years before this cancellation order.

4. Did any of the 17 firms respond to SEBI before the cancellation?

Only 3 of the 17 responded, and all three simply asked SEBI to go ahead and cancel their registration. The other 14 didn't respond at all.

5. Are these firms still responsible for past client complaints or refunds?

Yes. SEBI's order specifically states that cancellation doesn't remove their liability for anything done while they were registered, including investor grievances and client records.

6. How can I check if a Research Analyst is currently SEBI registered?

You can search their registration number directly on SEBI's official intermediary database, since that's the only way to confirm current status rather than relying on an old certificate or screenshot.

7. What should I do if I'm paying one of these 17 firms right now?

Stop relying on their SEBI registration as a safeguard immediately, since it's no longer valid, and consider raising a complaint if you've paid for services you haven't received or believe you were misled.