SEBI cancels research analyst registrations
Analysis based on 21 articles · First reported Jun 30, 2026 · Last updated Aug 21, 2026
The cancellations may reduce the number of registered research analysts in India, potentially affecting the availability of independent research services. However, the impact is limited as the affected entities were non-compliant with renewal fee requirements, and the action reinforces regulatory discipline in the securities market.
The India — Securities and Exchange Board of India (SEBI) has cancelled the registrations of multiple research analysts for failing to pay mandatory renewal fees. The cancellations were carried out under the SEBI (Intermediaries) Regulations, 2008, and the SEBI (Research Analysts) Regulations, 2014. The affected entities include 24 Carat Financial Services, Bansal Finstock Private Limited, Karvy Stock Broking, Financial Leader Advisory Services, Finquest Securities, Sharewealth Securities, Securiti, Comfort Securities Limited, InGovern Research Services, Affluence Fincon Service Private Limited, HFS Research, East Bridge Advisors Private Limited, R K Global Shares & Securities Limited, and numerous individual analysts. SEBI issued show-cause notices in February 2025 and May/June 2026, but the entities failed to respond or provide evidence disputing the non-payment. The regulator stated that the cancellations are intended to prevent misuse of expired registration certificates and that the entities remain liable for any actions or omissions during their period as registered analysts.
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