Epic Research Licence Cancelled by SEBI Over Unpaid Fee

If you’ve spent any time researching stock advisory complaints in India, the name Epic Research has probably crossed your path before.

It shows up constantly in investor complaint forums, carries a documented SEBI enforcement history going back to 2021, and has built a reputation that goes well beyond “just another advisory firm.”

So when its name turns up again in a fresh SEBI order this September, it’s worth a closer look, even though this particular order turns out to be about something far more mundane than a new scandal.

What Epic Research Is Actually Known For?

Epic Research Private Limited has held SEBI registration number INA000001225 for years, offering stock tips, research calls, and advisory subscriptions to retail traders.

It’s also one of the most complained-about advisory names on public consumer forums, with recurring investor complaints about subscription fees, service quality, and difficulty getting refunds.

SEBI has taken enforcement action against Epic Research before, with a final order dated April 19, 2021 (Ref. WTM/SM/17/2021-22) covering Epic Research and six other entities.

That order is a separate matter from what’s covered here, and worth reading on its own if you’re specifically researching Epic Research’s history.

How Epic Research Kept Operating on an Expired Registration?

What’s actually new in September 2026 has nothing to do with any of that history.

Epic Research’s Investment Adviser registration was granted back on March 10, 2014. The renewal fee due five years later, in March 2019, was never paid.

That’s seven years of a registration technically going unrenewed before SEBI’s order finally caught up with it. For most of that stretch, Epic Research was still actively marketing itself to new subscribers.

This Isn’t a New Scandal, It’s a Renewal Fee Nobody Paid

This order isn’t about anything Epic Research did wrong in its advisory practice.

It’s part of a routine batch action against 46 Investment Advisers who all failed to pay their five-year renewal fee, Epic Research included.

Both orders were passed under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, a faster summary-proceeding process SEBI uses specifically for cases like this, where the facts aren’t really in dispute.

The rule behind all 46 cancellations is spelled out in Clause 3 of the Second Schedule of the SEBI (Investment Advisers) Regulations, 2013: pay the renewal fee within three months before the five-year period expires, or the registration stops being valid.

Why Can One Firm Hold a Dead Registration for Years?

This is worth understanding beyond just Epic Research’s case. A SEBI registration doesn’t automatically disappear the moment a renewal fee is missed.

It just quietly stops being valid, while the number itself keeps existing and keeps looking legitimate to anyone who doesn’t check.

That gap, between when a registration actually lapses and when SEBI formally cancels it, is exactly where a firm can keep presenting an old registration number as if nothing changed.

What These Two Orders Actually Say?

Order 1, dated September 10, 2026, covers 16 advisers. Order 2, dated September 11, 2026, covers 30 advisers, Epic Research among them.

Together, that’s 46 registrations wiped out in two days.

None of the 46 advisers named across both orders disputed the non-payment. In some cases, the gap stretches back eight years.

It’s worth understanding, in general, what it actually means when a SEBI license cancelled notice like this one gets published, since the process and the consequences aren’t always obvious from the outside.

Full List: All 16 Advisers Cancelled Under Order 1

Order 1, dated September 10, 2026, cancelled the following 16 registrations. The date shown is when renewal fees stopped being paid, not when the firm was cancelled.

Full List: All 30 Advisers Cancelled Under Order 2

Order 2, dated September 11, 2026, cancelled the following 30 registrations, including Epic Research.

Beyond Epic Research, none of the other 45 names in this batch carry the kind of public history that would change how you’d read their inclusion here.

They’re cancelled for the same reason Epic Research’s registration was: an unpaid renewal fee, nothing more established against them in either order.

Also Read: SEBI Research Analyst Registration Cancellation: Can You Still File a Complaint?

How Did These 46 Advisers Respond to SEBI?

Not every adviser on these lists reacted the same way once SEBI came calling, and the differences say a lot.

Most simply went silent. Across both orders, the majority of Noticees never replied to a single notice SEBI sent them, some of which date back to February 2025. Epic Research is among them.

A handful actually asked to be cancelled. In Order 1, three advisers, Aarvee Investment Advisers, Ishaan Gupta, and Prakash Pynadath, told SEBI directly that their registration could be cancelled.

In Order 2, three more did the same: Sanjeev Kumar Suri, BillionEdge Investment Advisors, and Arpit S Ghelani.

Four firms admitted they’d already stopped operating. Sandeep Wagle, MFA Consulting, Corona Capital Investment Advisory, and Arpan Desai, all from Order 1, told SEBI they hadn’t been carrying on business for years, yet none of them had ever formally surrendered their registration.

This isn’t the first time SEBI has cleared out a batch of dormant registrations this way, either. Our earlier SEBI cancels IA license coverage walks through a similar case involving a different set of advisers.

Why Some of These “Registrations” Had Already Been Dead for Years?

Order 1 reveals a detail worth sitting with. Nine of its Noticees were specifically told to surrender their certificates through BSE’s official portal, and were given the exact web link to do it.

Not one of them followed through, even after being handed the process on a plate.

That matters because a Noticee who simply ignores SEBI is at least passive.

A Noticee who’s told exactly how to formally close their registration and still doesn’t bother raises a different question: were they still quietly presenting themselves as SEBI-registered to anyone who asked, long after they knew the registration meant nothing?

Is Epic Research Still a SEBI Registered Entity in Any Capacity?

No. As of this order, Epic Research Private Limited’s Investment Adviser registration is cancelled, and the same is true for all 45 other advisers named across both orders, with immediate effect from the date of each order.

If you’re checking a name against a current adviser you’re dealing with, the safest approach is never to rely on a list like this alone.

Our detailed breakdown on what a SEBI registered investment advisor can and can’t legally do is worth reading before you trust any registration number at face value.

What If You’ve Already Taken Services From One of These Advisers?

If your adviser’s name appears on either list above, including Epic Research, don’t panic, but don’t wait either.

Cancellation of their registration doesn’t erase whatever happened while you were their client, and SEBI’s order specifically keeps these advisers liable for past actions.

Your job now is to figure out whether you have an unresolved grievance, and if you do, there’s a defined escalation path to follow.

Here’s the order to follow it in:

1. Start with SCORES. File your grievance on the SEBI SCORES portal first, since this is the mandatory first step for any registered-intermediary complaint.
2. Escalate to SMART ODR if SCORES doesn’t resolve it. If your SCORES complaint goes unanswered or the resolution isn’t satisfactory, SMART ODR login is your next step for structured conciliation.
3. Move to arbitration as a last resort. If conciliation still doesn’t settle things, Share market arbitration is the final, legally binding route available to you.

If you want the full process laid out in detail, check our guide on complaint against SEBI registered investment advisor for each of these steps end to end.

Conclusion

Epic Research’s story here isn’t really about Epic Research. It’s about how long a dead registration can keep looking alive, sometimes for seven or eight years, while nobody checks.

The name you recognize just happened to be the one that made this batch newsworthy. The other 45 firms prove the same gap exists everywhere, known or not.

A registration number was never proof of anything current. If you’re trusting an adviser today, verify their status now, not after something goes wrong.

Report. Recover. Stay Fraud Free.