SEBI Cancels Registrations of 45 Analysts and Advisers

The Securities and Exchange Board of India cancelled the registration certificates of 45 financial professionals over two days in July 2026 due to unpaid mandatory renewal fees. The regulator first targeted 11 research analysts on July 21, followed by the cancellation of 34 investment advisers on July 23.

For the research analysts, the regulator acted under the Intermediaries Regulations, 2008, after entities ignored notices sent between February 2025 and June 2026. The unpaid fees for this group dated back as far as March 2020. Affected entities include 24 Carat Financial Services, Bansal Finstock Pvt Ltd, and Lakshmishree Investment & Securities Pvt Ltd.

The action against the investment advisers followed summary proceedings initiated in June 2026. None of the 34 advisers responded to the 21-day notice period. Their unpaid renewal dates spanned from December 2019 to March 2026.

SEBI stated that these measures aim to protect investors and prevent the misuse of expired certificates. The regulator clarified that cancellation does not absolve these professionals of liability for past securities law violations, and they must still manage client records and grievances.