SEBI Cancels 39 Investment Advisers’ Licences for Unpaid Renewal Fees

If you’ve ever paid for stock advice, a name on a government list like this one can feel alarming even when the reason turns out to be mundane.

So let’s be direct about what this order actually is, and isn’t. This isn’t a fraud case for most of the 39 names here.

It’s about advisers who simply stopped paying the fee that keeps their SEBI registration alive.

Why Does SEBI Cancel Investment Adviser Licences Over Unpaid Renewal Fees?

SEBI doesn’t let an investment adviser registration run forever on the strength of the original approval.

Every five years, the adviser has to pay a renewal fee to keep the certificate active.

Miss that payment and the registration doesn’t just quietly expire.

SEBI treats it as ground for cancellation, and the process it follows is the same one used across all 39 cases here.

How 39 Investment Advisers Responded to SEBI’s Cancellation Notice?

SEBI sent notices to all 39 advisers in early June 2026, giving them 21 days to explain why their registration shouldn’t be cancelled.

28 of them didn’t respond at all. SEBI proceeded on the basis that they had nothing to say and moved forward with cancellation on the available record.

The other 11 wrote back, and instead of contesting the notice, they told SEBI to go ahead and cancel their registration.

That’s a telling detail on its own.

It suggests a fair number of these advisers had already stepped away from the business well before this order made it official.

Either way, the outcome was the same for everyone on the list.

List of 39 SEBI Investment Advisers Facing Registration Cancellation

Here’s every name and registration number covered by this order.

If you’ve worked with any adviser going by these names, this is the one to check your own SEBI registration status against.

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

2 SEBI Investment Advisers on This List with Prior Regulatory Issues

Most of these 39 cancellations come down to a missed renewal payment and nothing more.

Two names on this list, though, have a longer regulatory history worth knowing about.

Podium Market Research, run by Suman Kumar, was separately fined and suspended over a fake refund email scam and fraudulent GST billing.

We’ve covered that case in detail; you can check our guide: Podium Market Research SEBI license cancelled.

Shubh Stocks Capital also has a documented complaint history worth reading if you’ve worked with that firm.

You can find that in our Shubh Stocks Capital review.

What to Do If Your Investment Adviser Is on SEBI’s Cancellation List?

Cancellation doesn’t erase what happened while these firms were registered.

SEBI’s order is explicit that every Noticee remains liable for anything done or left undone during the time they held a valid certificate.

Practically, that means these firms are still required to maintain your records, hand over your documents on request, and make sure your account or portfolio transitions smoothly if you decide to move to a new adviser.

If you’re currently working with any of the 39 names above, don’t wait for them to reach out.

Ask for your records and your complete transaction history in writing now.

How to Check If Your Current Adviser Is Still SEBI Registered?

This list only covers advisers cancelled in this specific order.

It’s not a complete picture of every registration issue in the market.

If you want to verify any adviser’s current status, whether they’re on this list or not, you can search their registration number directly on SEBI’s intermediary portal.

For the exact steps to file a complaint if something doesn’t add up, our SCORES SEBI complaint guide walks through the process.

Conclusion

Most of these 39 cancellations trace back to a missed renewal fee, not a fraud finding, and that distinction matters when reading a list like this.

What doesn’t change is your own responsibility as a client.

Cancellation doesn’t erase past liability, and these firms must still preserve and hand over your records.

If any name here matches an adviser you’ve worked with, request your full transaction history in writing now, and independently verify their current registration status before trusting anything further.

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Report. Recover. Stay Fraud Free.

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Frequently Asked Questions

1. Does SEBI cancelling a registration mean the adviser committed fraud?

Not necessarily. In this order, most of the 39 advisers lost their registration simply for not paying a renewal fee, not for any finding of misconduct.

2. Can these advisers still legally give investment advice?

No. Once a registration is cancelled, the firm or individual can no longer legally act as a SEBI-registered investment adviser.

3. I see my adviser's name on this list. What should I do?

Request your complete records and transaction history in writing, and start looking for a currently registered adviser if you want to continue getting advice.

4. Will I get a refund if my adviser is on this list?

Not automatically. Cancellation for a fee lapse doesn't itself entitle you to a refund. If you have a separate complaint about service or fees, you'll need to file it through SCORES.

5. Are all 39 advisers on this list linked to fraud like Podium Market Research?

No. Podium Market Research has a separate, documented fraud and mis-billing history. Nothing in this order suggests the same about the other 38 names.

6. How often do investment advisers need to renew their SEBI registration?

Every five years from the date their certificate was originally granted, under the SEBI (Investment Advisers) Regulations, 2013.

7. Where can I verify if an adviser is currently SEBI registered?

You can look up any registration number directly on SEBI's official intermediary database.