Karvy Investment Advisory Licence Cancelled: SEBI Names 8 Advisers Over Unpaid Renewal Fee

Think about the last adviser whose name you trusted without a second thought.

Did you ever check if their licence was still active?

On November 4, 2026, SEBI cancelled the licences of 8 investment advisers, with Karvy Investment Advisory Services Limited at the top of the list.

The trigger was not a complaint or a trade. It was a renewal fee that stayed unpaid for over seven years. Here is the full story.

Why SEBI Acted Against Karvy Investment Advisory Services Limited?

Out of the eight names, Karvy Investment Advisory Services Limited sits at Noticee No. 1. So this guide follows its case closely first.

The full list of all eight advisers comes further down.

What Does the Order Record About Karvy Investment Advisory Services?

The order is a short, fee-based action. It does not look into complaints or trades.

Here is what it records for Karvy:

• The fee was due and never paid. SEBI’s investment adviser rules require a fee to be paid every five years. The order notes that Karvy failed to pay the renewal fee as required.
• The unpaid period began on July 3, 2019. The order lists this as the date from which Karvy’s renewal fee remains unpaid.
• SEBI sent a notice. Karvy was asked to explain why its licence should not be cancelled or suspended.
• Karvy did not reply. The notice gave 21 days from receipt. The order records that no reply came from Noticees No. 1 to 6, and Karvy is Noticee No. 1.
• SEBI cancelled the licence. Karvy’s licence appears in the final cancellation table, and the order applies with immediate effect.

Seven Years Of Silence: How Long Karvy’s Fee Stayed Unpaid?

The unpaid date for Karvy is July 3, 2019. The order itself is dated November 4, 2026.

That is a gap of more than seven years between the missed fee and the cancellation.

During that gap, the order says the licence had ceased to be in force. Investors could still find the old number on the regulator’s list.

SEBI has trodden this path before.

Our report on how SEBI cancelled 13 IA licences over unpaid renewal fees shows the same pattern in 2025.

Understanding the 5-Year Renewal Fee Rule

Every investment adviser must pay a fee every five years. The rule sits in Clause 3 of the Second Schedule of the SEBI (Investment Advisers) Regulations, 2013.

The fee must be paid within three months before the expiry of the period for which the earlier fee was paid.

Miss that window, and the licence does not stay in force. The order says this directly in paragraph 11.

In other words, this is a paperwork deadline, not a judgement on how an adviser treated clients.

Also Read: Epic Research SEBI Licence Cancellation Over Unpaid Fee

How SEBI Cancelled The Licences Without A Hearing?

The order uses summary proceedings under Regulation 30A of the SEBI (Intermediaries) Regulations, 2008. It is built for quick action.

The order reproduces the steps of the rule:

• 1. Notice with grounds. The authority tells the noticee why proceedings have begun.
• 2. 21 days to reply. Only a written response with documents is allowed. A further 15 days can be given for recorded reasons.
• 3. No second chance. The rule says no further opportunity beyond those timelines is allowed.
• 4. Order within 21 days. The authority endeavours to pass the order within 21 calendar days of the replies or the end of the time given.
• 5. No personal hearing. The rule does not allow one in these proceedings.

Paragraph 9 then ties it together. The notices were duly issued and served, and no one produced documents to rebut the non-payment.

Is Karvy Investment Advisory Services Limited SEBI Registered Or Not?

No, not any longer. The order cancels the certificate of registration held by Karvy Investment Advisory Services Limited.

Its SEBI registration number was INA200001959. The order lists the registration date as July 3, 2014.

The order says these registrations had already ceased to be in force because the fee was not paid. It then cancels them formally under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A.

The cancellation applies with immediate effect. A copy of the order goes to the eight advisers and to BSE Limited, the Investment Adviser Administration and Supervisory Body.

Full List: All 8 Investment Advisers Named In The Order

Here is every adviser covered, with the registration details exactly as the order records them.

The earliest unpaid date is December 4, 2018 (Tathastu). The latest is May 9, 2024 (IRA Wealth Advisor).

Before trusting any adviser, check the live entry yourself. Our guide to a SEBI registered investment advisor shows what to verify first.

How Did The 8 Advisers Respond To SEBI?

Replies split into two groups.

1. Six advisers stayed silent. Noticees No. 1 to 6 sent no reply. They are Karvy, Sagacis, Tathastu, Quant Capital, Arkanis Capital, and IRA Wealth Advisor.

2. Two advisers asked to be cancelled. IDFC Alternatives Limited and Indianivesh Investment Managers Pvt. Ltd. replied that their registration may be cancelled by SEBI.

For the six, the rule allowed SEBI to pass an order on the record since no written submissions came in time.

Does Cancellation End Their Liability?

No. Paragraph 14 says the advisers remain liable for anything done or omitted while acting as investment advisers.

Paragraph 15 explains the purpose. The cancellation aims to prevent misuse of expired certificates on unaware investors.

It also says the order does not absolve anyone from violations of securities laws, and action already started or yet to start can continue as if no cancellation had happened.

That is a different track from a misconduct case. For contrast, see how SEBI cancelled the licence of Highlight Investment Research for conduct towards a client.

What Do The Advisers Still Owe Their Clients After Cancellation?

A cancelled licence does not wipe the slate clean. Paragraph 16 of the order spells out what the eight advisers must still take care of for their clients.

1. Records Must Be Preserved

The advisers must maintain and preserve the records and documents the regulations require them to keep.

2. Investor Grievances Must Be Addressed

Any client complaint still needs proper redressal. Cancellation does not close it.

3. Client Records, Funds And Securities Must Be Transferred

The advisers must arrange the transfer of client records, funds or securities.

4. Service To Clients Must Continue

The order also requires continuity of service for existing clients.

5. Defaults And Pending Action Must Be Handled

If any default or pending action exists, the advisers must take the necessary steps on it.

Paragraph 17 adds one more condition. The advisers must also follow Regulation 30A(10) of the SEBI (Intermediaries) Regulations, 2008.

What To Do If You Took Services From One Of These Advisers?

Start by checking your own paperwork. Look at the dates of your agreement and payments against the unpaid dates in the table above.

Then ask the adviser in writing for your records, and for any funds or securities held for you, as paragraph 16 expects.

If you get no answer, you can file a complaint on SEBI SCORES portal.

Our step-by-step guide on how to complain against a stock advisory covers the format and the channels.

Keep every message, receipt, and statement. They matter if the matter goes further.

Conclusion

This order is about one thing: a renewal fee that eight investment advisers did not pay.

For Karvy Investment Advisory Services Limited, it has been unpaid since July 3, 2019.

The licences are now cancelled with immediate effect, but liability for past acts continues.

Verify any adviser’s live status before you pay.

Report. Recover. Stay Fraud Free.