Capital markets regulator SEBI has cancelled the registrations of 12 research analysts for failing to pay the mandatory renewal fee required to keep their certificates of registration in force.

The action was taken under SEBI's Intermediaries Regulations, 2008, after the entities failed to renew their registrations despite being issued notices.

The entities whose registrations have been cancelled include Arjun Lenin, CNI Research Ltd, East Bridge Advisors Pvt Ltd, Kushank Kamal Poddar and R K Global Shares & Securities Ltd, the regulator said in an order on Thursday.

Under SEBI norms, every registered research analyst is required to pay the renewal fee every five years from the date of registration to keep the certificate valid.

However, the markets watchdog found that the 12 entities failed to pay the fees after their respective due dates, which ranged from March 2025 to April 2026.

The Securities and Exchange Board of India (Sebi) had issued notices to these entities in May and June this year, asking them to explain why their registrations should not be cancelled or suspended.

However, none of the noticees (entities) responded within the stipulated period.

Accordingly, the regulator cancelled the certificates of registration as research analysts of these 12 entities.

In its order, the regulator said the cancellation is intended to prevent misuse of expired registration certificates.

It also clarified that despite the cancellation, the entities would continue to remain "liable for anything done or omitted to be done as Research Analysts".

Published on July 10, 2026