Your Research Analyst may have held a valid SEBI registration yesterday. Today, that registration doesn’t exist anymore.
On June 30, 2026, SEBI cancelled the registrations of 15 Research Analysts across India. The reason wasn’t fraud. It wasn’t market manipulation either.
It came down to something simpler: unpaid renewal fees.
That might sound like a minor paperwork issue. But it raises a real question for investors.
Can you still trust recommendations from someone whose SEBI registration stands cancelled?
Let’s break down what happened, who’s involved, and what you should do next.
SEBI Cancels Research Analyst Registrations Over Renewal Fees
SEBI passed this order on June 30, 2026, from its Mumbai office.
Chief General Manager Soma Majumder signed it under Section 12(3) of the SEBI Act, 1992, read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008.
The order cancelled 15 Research Analyst registrations.
Here’s the timeline that led up to it: Each of these 15 analysts had a valid SEBI registration at some point.
But under the SEBI (Research Analysts) Regulations, 2014, every RA must pay a renewal fee every five years from their original registration date. Miss that payment, and the certificate stops being in force.
Think of the renewal fee like a subscription that keeps your registration “live.”
SEBI didn’t jump straight to cancellation. It first sent show-cause notices on February 3, February 4, and February 24, 2025. Each notice gave the analyst 21 days to respond with proof.
SEBI even offered an easier way out. It advised all 15 analysts to voluntarily surrender their certificates through BSE Limited’s online portal.
None of them did. None submitted evidence to dispute the non-payment either.
So SEBI moved ahead with formal cancellation.
List of the 15 Research Analysts Whose Registrations SEBI Cancelled
Here’s the complete list, along with each analyst’s registration number and the date their renewal fee first went unpaid.
| Notice No. | Name | Registration No. | Renewal Fee Unpaid Since |
| 1 | Bipin Manilal Savla | INH000000628 | June 16, 2020 |
| 2 | Comfort Securities Ltd. | INH000001311 | August 12, 2020 |
| 3 | Sudip Bandyopadhyay | INH000002293 | November 24, 2020 |
| 4 | Ms. Shefali Sahita | INH000002566 | January 18, 2021 |
| 5 | Prasenjit Kumar Paul | INH300003157 | June 15, 2021 |
| 6 | Arya Fin-Trade Services (India) Pvt. Ltd. | INH000003366 | August 18, 2021 |
| 7 | Ideal Associates | INH200004408 | October 14, 2021 |
| 8 | Kalpesh Rathi | INH000004972 | July 3, 2022 |
| 9 | Deepa Gupta | INH300006263 | August 30, 2023 |
| 10 | Abhijeet Ramachandran | INH000006235 | August 16, 2023 |
| 11 | Rashi | INH000006590 | November 12, 2023 |
| 12 | Rahul Mukesh Randeria | INH000006527 | October 24, 2023 |
| 13 | Shivansh Kariwala | INH000006703 | January 8, 2024 |
| 14 | Krishnamurthy Sethuraman | INH200006831 | February 7, 2024 |
| 15 | K Karthik Raja | INH200007292 | July 15, 2024 |
Look closely at the dates. Some registrations lapsed as early as 2020. SEBI only formalized the cancellation in 2026.
That gap matters.
It shows that compliance action takes time, and investors can’t assume a registration number is active just because it exists.
Does Cancellation Mean They Committed Fraud?
No. This is where most investors jump to the wrong conclusion.
Cancellation over unpaid fees isn’t a fraud finding. SEBI’s order doesn’t allege that these analysts cheated clients or gave manipulative tips. It simply confirms their registrations lapsed.
But two things follow from this cancellation, and both matter:
- These analysts can no longer legally operate as SEBI-registered Research Analysts.
- If they keep offering RA services, like paid tips or research subscriptions, without valid registration, that becomes a fresh violation on its own.
So hold this line in your head: cancellation doesn’t make someone a fraudster. But it does strip their legal right to operate as an RA going forward.
If you paid a research analyst and lost money on bad trades while their registration was still technically valid, the cancellation doesn’t erase their accountability either.
What Happens to Existing Clients?
“I subscribed to a Research Analyst, and now their registration is cancelled. Does that mean I lose my subscription and my money too?”
If you’re a client of any of these 15 analysts, here’s what applies to you.
SEBI’s order requires each analyst to maintain proper records even after cancellation.
That includes resolving investor grievances, transferring client funds or securities where needed, and ensuring continuity for services you already paid for.
Your subscription doesn’t just disappear into thin air.
The analyst still owes you whatever they promised while their registration was active.
Here’s the important part: SEBI’s order states clearly that these analysts remain liable for anything they did, or failed to do, while their registration was valid.
Cancellation doesn’t erase past liability.
This protects you from an analyst using “my registration got cancelled” as an excuse to dodge accountability.
Why Does This SEBI Order Matter for Investors?
This order isn’t really about 15 names.
It’s a warning sign for every investor who’s ever trusted a screenshot, a forwarded message, or a familiar registration number without checking it first.
To protect your capital, you need to understand the hidden risks that this regulatory crackdown exposes:
1. Old Communication Doesn’t Mean an Active Registration Today
Investors often trust an analyst simply because they subscribed a few years ago.
But a registration valid in 2021 can lapse by 2026 without any fresh notice or announcement reaching you as a client.
This SEBI order itself proves the point. Registrations here lapsed as early as 2020, yet cancellation only came in 2026.
Even if the analyst is highly skilled, practicing without an active registration is illegal in India.
2. Don’t Trust an Analyst Offering Services With a Cancelled Registration
An RA’s SEBI license cancelled status means one thing: walk away
Some analysts keep operating anyway, betting that clients rarely check status before paying for a subscription.
They might call the cancellation “a technical issue” and promise to fix it soon.
Don’t buy that excuse. A cancelled registration means SEBI has already withdrawn its legal authority to offer you paid research.
3. Watch Out for Impersonation Using Cancelled Registration Numbers
Cancelled numbers don’t disappear from circulation.
Scammers actively hunt for registration numbers that once belonged to real, SEBI-approved analysts, then paste them into Telegram bios, fake websites, or WhatsApp forwards.
The scariest part? The number itself isn’t fake. It’s just no longer valid. That’s what makes this scam so convincing, and so easy to fall for if you skip verification.
So now you know how important verifying a Research Analyst is before you pay them; let’s look at how to actually do it.
How to Check Validity of SEBI Registered Research Analyst Online?
This takes less than two minutes. Build it into your habit before subscribing to anything.
First, head to SEBI’s official intermediary search on its website. Search using the analyst’s name, registration number, or company name.
The result will show you whether the registration is active, suspended, or cancelled, along with its validity period.
Then, don’t rely on a WhatsApp forward or a screenshot someone sends you. Ask the analyst directly for their SEBI registration number, and verify it yourself on SEBI’s portal.
If they hesitate to share it or get defensive when you ask, treat that as a red flag right there.
As this order shows, registrations can lapse years before SEBI formally cancels them. A one-time verification isn’t enough if you’re a long-term subscriber.
How to Report a Research Analyst for SEBI Violations?
Found an RA still active despite a cancelled registration, or breaking conduct rules while fully registered?
You don’t have to just sit with that frustration.
SEBI gives you a clear, structured way to act against both, and which path you take depends on the type of violation you’re dealing with.
Reporting an RA Acting Despite a Cancelled Registration
If an analyst is still offering paid tips or research subscriptions after losing their registration, that’s a serious violation, and they’re operating without any legal authority.
Write an email to SEBI with the following:
- Analyst’s details: Their name, registration number, and any firm or platform they’re operating under.
- Evidence of continued activity: Screenshots or payment receipts showing they’re still soliciting clients.
- Your communication with them: Messages, calls, or promotional content sent after their registration lapsed.
The more documentation you attach, the stronger your action case.
Reporting a Registered RA for Regulatory Violations
If your RA holds a valid, active registration but you believe they’ve broken conduct rules, like giving misleading recommendations or mishandling your funds, you can still file a complaint.
- Start with SEBI SCORES: File your grievance detailing the misconduct and any supporting evidence.
- Escalate through SMART ODR: If the RA doesn’t resolve your grievance, move to conciliation for a structured resolution.
- Stock Market Arbitration: When conciliation doesn’t work, arbitration gives you a binding path to recovery.
This structured escalation means you don’t have to depend on the RA’s goodwill to fix your issue.
Need Help?
Dealing with a Research Analyst whose registration has lapsed, or one who’s stopped responding to your grievance, isn’t something you should have to figure out alone.
Our team helps you file your complaint correctly, escalate it when the RA stays silent, and follow it through to recovery, whether you’re chasing a refund or accountability for misconduct.
Register with us today, and let’s get your case moving.
Conclusion
SEBI’s decision to cancel these 15 registrations sends a clear message.
Even administrative compliance, like paying a renewal fee on time, matters to the regulator. This isn’t about punishing analysts for wrongdoing.
It’s about keeping SEBI’s database accurate and stopping inactive registrations from misleading investors.
For you, the real takeaway isn’t about these 15 names specifically.
It’s about building a habit. Check the registration. Confirm it’s active. Don’t let a familiar-looking number replace actual due diligence.
Frequently Asked Questions
1. Is cancellation the same as suspension?
No. Cancellation permanently ends the registration, while suspension is temporary and can potentially be lifted later.
2. Can a cancelled Research Analyst continue giving stock recommendations?
No. Offering RA services after cancellation is illegal and counts as a fresh violation.
3. What should existing clients do if their research analyst’s registration gets cancelled?
Follow up for pending services or refunds, and file a complaint with SEBI if the analyst doesn’t cooperate.
