Mitesh Thacker’s SEBI Research Analyst Registration Cancelled

Picture a market commentator you’ve watched on TV a dozen times, someone whose name feels almost official at this point.

Now picture SEBI quietly pulling the badge behind that name.

That’s exactly what happened to Mitesh Thacker, and the reason isn’t what you’d expect.

It wasn’t a scam. It wasn’t bad advice. It was something almost embarrassingly simple: a renewal fee that never got paid.

Why Was Mitesh Thacker’s SEBI Registration Cancelled?

Let’s start with the simplest possible explanation, because the underlying rule really is this basic.

Every SEBI-registered Research Analyst has to pay a fee once every five years just to keep their registration certificate alive.

It’s a bit like renewing a driving licence. If you never renew it, it doesn’t matter how good a driver you are; the licence itself stops being valid.

SEBI’s order, dated September 23, 2026, cancels the Research Analyst certificate held by Mitesh Thacker, registration number INH000000321.

His registration had been granted on April 16, 2015. The renewal fee due under SEBI’s rules went unpaid from April 15, 2025 onward.

That’s it. That’s the entire trigger for this cancellation.

Full List of 12 Research Analysts Cancelled by SEBI

Mitesh Thacker wasn’t cancelled alone. SEBI’s order covers 12 Noticees in total, all struck off for the identical reason: an unpaid renewal fee.

Here’s the complete list, exactly as it appears in the order, along with when each registration was granted and the date from which the renewal fee stopped being paid.

Notice the pattern. Ten of these twelve share the same unpaid-since date, May 22, 2024. Mitesh Thacker’s own lapse started a year later, in April 2025.

SEBI’s Five-Year Renewal Rule for Research Analysts

Here’s the whole rule, stripped down to one sentence: once every five years, a Research Analyst has to pay a fee to SEBI, or their certificate quietly stops working.

It doesn’t matter how good their advice was. It doesn’t matter how many clients trusted them. The certificate simply goes inactive the moment that payment is missed.

SEBI first sends notices asking the person to explain why their registration shouldn’t be cancelled. If nobody replies, or nobody pays up, SEBI eventually issues a formal order making the cancellation official.

That’s the entire mechanism behind this specific order. No trading violation. No client complaint. Just an unpaid fee, followed by silence.

Also read: SEBI cancels Prerna Sharma’s RA license, which involved a fake experience letter and YouTube videos promising fixed daily profits, again nothing like the renewal-fee lapse covered here.

SEBI Cancellation vs Fraud: What This Order Actually Says?

It’s worth being precise about what this order actually establishes, since the word “cancelled” can sound more dramatic than the underlying fact.

SEBI’s own order doesn’t allege misrepresentation, misconduct, or investor harm anywhere in its findings.

The entire basis for cancellation is straightforward: a legally required fee, due every five years, simply wasn’t paid.

That distinction matters for how you should read this. A cancelled registration here reflects an administrative lapse, not a proven case of wrongdoing against clients.

Which Research Analysts Agreed to SEBI’s Cancellation?

Not every Noticee ignored SEBI’s notice. Four of them responded directly.

Religare Capital Markets Limited, Ravi Kiran Kulkarni, IndiaNivesh Securities Private Limited, and Magnum Capital Advisors all told SEBI, in writing, that their registrations could simply be cancelled.

That’s a materially different posture from silence. It suggests these four had already stepped back from active Research Analyst work and weren’t fighting to keep the certificate alive.

The remaining eight, including Mitesh Thacker, filed no reply at all, despite four separate notices sent on February 3, 2025, February 4, 2025, May 29, 2026, and August 17, 2026.

Why SEBI Cancels Licenses for Unpaid Renewal Fees?

A reasonable question is why a missed fee payment leads to full cancellation rather than a smaller penalty.

SEBI’s order states the purpose directly: cancellation exists to prevent misuse of certificates that are no longer in force on unaware investors.

In other words, an expired registration can still look valid to someone checking a name casually. The registration number still exists, the person may still be publicly recognisable, and nothing about that visually signals “no longer active.”

Formal cancellation closes that gap by making the status unambiguous on SEBI’s own records.

Also read: SEBI Research Analyst registration cancellation, which walks through exactly what recourse remains once an RA’s certificate is no longer active.

Whether Mitesh Thacker Is Still Registered?

As of this order, the answer is no. His certificate, along with the other eleven, has been cancelled with immediate effect.

That said, cancellation doesn’t erase past accountability. SEBI’s order specifically notes that all twelve remain liable for anything done while their registrations were still active.

If you want to check any Research Analyst’s SEBI registration status, you can check it directly on SEBI’s official website.

Also read: SEBI cancels Trade Money Research license, where a debarred husband was found secretly running his wife’s RA firm, a very different and far more serious set of facts than a missed fee.

What Happens to Client Records After SEBI Cancellation?

Cancellation doesn’t mean these twelve simply walk away from everything that’s already on their books.

SEBI’s order specifically directs all twelve to keep three things in order even after losing their registration.

They must preserve their existing records and documents, exactly as required under the regulations, rather than discarding them now that the certificate is gone.

They must resolve any pending investor grievances, and transfer client records, funds, or securities to wherever they’re supposed to go, whether that’s back to the client or to another registered entity.

They’re also required to ensure continuity of service for clients midway through anything, and to sort out any defaults or pending action already on record.

A copy of this order was also sent directly to BSE Limited, which acts as the Research Analyst Administration and Supervisory Body, specifically so BSE can track that these obligations are actually met.

What This Means If You’re a Client of Any of These 12 Names?

If you’ve paid any of these twelve for research services, tips, or advisory access, their authority to operate as a Research Analyst ended the moment this order took effect.

Ongoing subscriptions, renewals, or new payments to a cancelled registration are worth pausing immediately.

Registration status can change for reasons that have nothing to do with a firm’s conduct, which is exactly why checking it periodically matters, not just once at the start.

What you do next depends entirely on which situation you’re actually in.

If You Were a Client of One of These 12 Now-Cancelled Names

They were still registered while you were their client, so a grievance from that period can still be raised.

Start with an email directly to SEBI describing what happened, since the registration behind the complaint is no longer active.

If money has actually moved out of your account without authorisation, or you suspect misuse of your funds or data, file a report with the National Cyber Crime Helpline at 1930 or through cybercrime.gov.in, and keep every payment record, email, and screenshot ready before you do.

If a Different, Currently Registered Research Analyst Is the Actual Problem

The process runs differently here.

Start with a complaint on the SEBI SCORES portal, since that system exists specifically for grievances against currently registered intermediaries.

If SCORES doesn’t resolve things to your satisfaction, the SMART ODR portal handles structured conciliation once a SCORES complaint stalls.

For the fuller picture specific to Research Analysts, our guide on complaint against SEBI registered research analyst walks through the entire process end to end.

Conclusion

This order is a reminder that a recognisable name and a valid-looking registration number aren’t the same thing as an active license.

Mitesh Thacker and eleven others lost their Research Analyst status over a missed renewal fee, not misconduct, but the practical effect for anyone still paying them is identical either way.

Registration status is worth checking on its own, on SEBI’s own records, rather than assumed from familiarity.

Report. Recover. Stay Fraud Free.