“License cancel ho gaya!”
Sounds like a scam, right?
Well, not this time.
SEBI has recently cancelled the registration of 13 investment advisers — not because they duped investors, but because they simply didn’t pay their renewal fees.
Yes, really. Something as basic as not paying your 5-year renewal fee has led to these cancellations.
But don’t be mistaken — the impact on retail traders is very real.
What Exactly Happened?
SEBI passed a formal order on July 25, 2025, cancelling the certificates of registration for 13 Investment Advisers (IAs) under Section 12(3) of the SEBI Act, 1992.
Why?
These advisers failed to pay the mandatory renewal fees despite getting registered years ago. SEBI rules require IAs to renew their registration every five years, and these individuals/companies just didn’t bother.
SEBI even issued Show Cause Notices (SCNs), but guess what?
None of them replied. Not even one.
So SEBI went ahead and did what any serious regulator must—cancelled their licenses.
Who Are These Advisers?
Here’s the list of advisors who are no longer SEBI registered:
| S. No. | Name | Reg. No. | License Expired On |
|---|---|---|---|
| 1 | Manjeet Singh Vohra | INA100000135 | 22-Aug-2018 |
| 2 | Tarun Kumar Sapra | INA100013241 | 08-May-2024 |
| 3 | Gowri Suganya B | INA200010579 | 17-May-2023 |
| 4 | Sanjay Subodhchandra Shukla | INA200010922 | 25-Jun-2023 |
| 5 | Shaji George | INA200012115 | 29-Nov-2023 |
| 6 | Ravi Mittal | INA200012267 | 26-Dec-2023 |
| 7 | VBS Investments | INA200012683 | 12-Mar-2024 |
| 8 | Ravishankar K Iyer | INA200012805 | 25-Mar-2024 |
| 9 | MG Funds Pvt. Ltd. | INA200012896 | 29-Mar-2024 |
| 10 | Sandeep Ahuja | INA200012948 | 03-Apr-2024 |
| 11 | Harsh Agrawal | INA200014210 | 26-Nov-2024 |
| 12 | Varun Jalan | INA300012866 | 28-Mar-2024 |
| 13 | Gaurav Kedia | INA300013120 | 25-Apr-2024 |
If you have taken services from any of the above advisors after their registration expires and faced losses, register with us, and we will guide you through the process to file a complaint following the right protocol.
How This Impacts Retail Traders
You might wonder — so what if they didn’t renew their license?
But here’s the real danger:
1. False Credibility
Many of these advisers still advertised themselves as SEBI-registered, even though their licenses had expired. Retail traders, seeing an old registration number, assumed they were legit — and trusted them with their money.
2. No Accountability
An expired license means they are no longer under active SEBI supervision.
So if they give you poor advice, overcharge you, or ghost you — there’s no current authority keeping tabs.
3. Regulatory Confusion
Some advisers use expired certificates on websites and brochures to lure new clients, especially first-time investors. You think they’re SEBI-approved — but they’re not.
4. Risk of Fraud
Expired licenses can be a loophole for future wrongdoing. Without active compliance checks, these advisers may start acting more like unregulated tip-sellers.
And if you ever try to file a complaint on SEBI, you’ll find their registration is no longer valid. You’re stuck.
What SEBI Did
SEBI followed due process:
- Sent show cause notices to all 13 advisers in March & April 2025.
- Gave them 21 days (plus 15 extra, if requested) to respond.
- None responded.
- SEBI then invoked Regulation 30A of the Intermediaries Regulations, 2008 and cancelled their registration.
This cancellation came with strict instructions:
Even if your license is cancelled, you’re still liable for past actions, must preserve client records, resolve complaints, and cooperate with investigations.
What Should Retail Investors Do?
Here’s your checklist:
- Always verify SEBI registration and renewal status
- Go to SEBI’s IA list before hiring any adviser
- Avoid advisers who are vague about their license validity
- Report expired registrations being misused on SCORES.
And remember:A certificate number alone isn’t proof. Ask for recent renewal confirmation.
Conclusion
This case is a lesson:
You can’t stay in business with expired papers.
You may think “It’s just a fee,” but ignoring SEBI’s structure — especially as a financial adviser — is reckless.
This wasn’t a fraud case. No investors lost money (as per the order).
But it’s a classic example of regulatory complacency creating risk.
Because for every adviser who “forgets” to renew, there’s a retail investor who assumes they’re fully compliant — and trusts them blindly.
- If you’re dealing with an investment adviser, double-check their credentials.
- And if you’re an adviser? Pay your renewal fees. Or get out of the game.
