Quick Summary
SEBI has cancelled the Research Analyst registration of Karvy Stock Broking Limited, along with 24 other analysts, for failing to pay a routine renewal fee. It sounds like a footnote, but Karvy’s name carries weight. This is the last SEBI registration the group held, years after its stockbroking license was already cancelled over the misuse of roughly Rs 2,000 crore in client funds and securities. The order is dated August 20, 2026.
If you traded through Karvy at any point before 2019, you probably already know how that story ended. If you don’t, here’s the short version, and why this new order is really just the final page of a much bigger file.
What Actually Happened to Karvy
Karvy Stock Broking was once one of India’s largest retail brokerages. In November 2019, SEBI barred it from taking new clients after finding it had misused client securities worth roughly Rs 2,000 crore, pledging shares held on clients’ behalf to raise funds for group companies without their consent.
By November 2020, both NSE and BSE had expelled Karvy and declared it a defaulter, a status that let affected clients claim their dues from the exchanges’ investor protection funds. By 2023, SEBI had banned Karvy and its promoter from the securities market for seven years, fined them Rs 21 crore, and formally cancelled Karvy’s stockbroking registration.
That should have been the end of Karvy’s presence in SEBI’s records. It wasn’t quite.
The License Nobody Noticed
Karvy Stock Broking didn’t just hold a stockbroking registration. Like many large financial firms, it also held a separate SEBI registration as a Research Analyst, a different regulatory category entirely, covering the business of publishing investment research and recommendations rather than executing trades.
That Research Analyst registration, bearing the number INH200003265, had been granted back in July 2016. Nobody paid the renewal fee due five years later, in July 2021, right in the middle of Karvy’s broking collapse.
It’s easy to see why nobody bothered. By 2021, Karvy was already fighting for survival on the broking side. A separate research license was the least of anyone’s problems.
Why One Company Can Hold Several SEBI Licenses
This is worth understanding if you’re trying to make sense of any SEBI order involving a large financial group. Stockbroking, investment advisory, and research analysis are all separate regulated activities under SEBI’s rules, each requiring its own registration, its own compliance obligations, and its own renewal fee.
A big firm can lose one license entirely while another sits dormant, technically alive, simply because nobody formally closed it out. That’s essentially what happened here.
What This Specific Order Actually Says
This order isn’t about any new wrongdoing by Karvy. It’s part of a routine batch action against 25 Research Analysts who all failed to pay their five-year renewal fee, Karvy included.
SEBI sent notices in February 2025 and again in May 2026 asking each of the 25 to explain why their registration shouldn’t be cancelled.
Karvy was one of 16 that never responded at all.
Given the silence, SEBI proceeded to cancel all 25 registrations, since none of them, Karvy included, provided any proof that the fee had actually been paid.
Is Karvy Still a SEBI-Registered Entity in Any Capacity?
No. As of this order, Karvy Stock Broking Limited’s Research Analyst registration is cancelled, joining its stockbroking registration, which was already cancelled back in 2023.
There’s no remaining SEBI registration tying the Karvy name to any active, legitimate securities market activity. If you come across anything today claiming to be Karvy research, advice, or broking services with an active SEBI registration behind it, that claim doesn’t hold up.
Full List: All 25 Research Analysts Cancelled in This Order
Karvy is the name that stands out, but it’s one of 25 registrations cancelled in this single order. If you’ve dealt with any of these names, worth checking your own paperwork against this list.
| # | Name of Research Analyst | SEBI Registration No. |
|---|---|---|
| 1 | Ajay Gupta | INH100007833 |
| 2 | Anurag Jain | INH100005145 |
| 3 | Ashok Kumar | INH100003118 |
| 4 | Chetan Yashwant Shukla | INH000001402 |
| 5 | Dr. Ram Kumar Goyal | INH100007620 |
| 6 | FinancialLeader Advisory Services | INH200007229 |
| 7 | Finquest Securities Pvt. Ltd. | INH000001568 |
| 8 | Jhaveri Securities Ltd. | INH000003291 |
| 9 | M/s Karvy Stock Broking Limited | INH200003265 |
| 10 | M/s Sumpoorna Portfolio Ltd. | INH100002466 |
| 11 | Moneylicious Capital and Advisory Services Private Limited | INH300003314 |
| 12 | Purooskhan | INH200006008 |
| 13 | Ranjit S. Kapadia | INH000001352 |
| 14 | Shian Capital | INH200000253 |
| 15 | Thanos Equity Research | INH000007757 |
| 16 | BMA Wealth Creators Limited | INH300002894 |
| 17 | Avtar Singh, Proprietor, Ace Investment Advisory | INH100005950 |
| 18 | Dr. Priyanka Sharma | INH100002235 |
| 19 | Milan Ghanshyambhai Barot | INH000004927 |
| 20 | Proficient Equities Pvt. Ltd | INH300002498 |
| 21 | Dipesh Mehta | INH000006873 |
| 22 | Dilip Kantilal Shah | INH000002152 |
| 23 | Jaison Alexander | INH200005081 |
| 24 | Kirankumar Rasiklal Jani | INH000003622 |
| 25 | Sharewealth Securities Limited | INH200000337 |
Beyond Karvy, none of the other 24 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 Karvy’s research license was: an unpaid renewal fee, nothing more established against them in this order.
What This Means for You
If you’re still holding onto old Karvy account statements or waiting on a claim from the exchange settlement process, that’s a separate, much older matter tied to the 2019 default, and worth pursuing through NSE or BSE’s investor protection fund process directly.
We’ve covered a comparable case of a broker’s client fund misuse and the years-long settlement process that follows in our Modex International Securities breakdown, which walks through what that kind of exchange-led claims process actually looks like.
If you’re unsure whether any Karvy-linked entity is still operating legitimately in any capacity, you can always verify a registration number directly on SEBI’s website before trusting it.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
No. This is a routine cancellation for non-payment of a renewal fee on a separate Research Analyst registration, unrelated to the 2019 broking scandal.
No, that happened years earlier, around 2023, after SEBI's investigation into the misuse of client securities.
Reports place the misused client securities and funds at roughly Rs 2,000 to Rs 2,300 crore, one of the largest broker defaults on record in India.
That process runs through NSE and BSE's investor protection fund settlement mechanism, separate from this Research Analyst cancellation order.
Large brokerages often register across multiple regulated categories, broking, advisory, and research, since each covers a different business line under SEBI's rules.
No, they're unrelated entities cancelled in the same batch action purely for the same reason, unpaid renewal fees.
You can search any registration number directly on SEBI's official intermediary portal to confirm current status.
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