SEBI Cancels Registration of Religare Capital Markets and 11 Other Research Analysts Over Unpaid Renewal Fees

The Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration of 12 research analysts (RAs), including Religare Capital Markets Ltd, following their failure to pay mandatory renewal fees required to keep their regulatory licences valid.

The action was initiated under summary proceedings as outlined in Regulation 30A of the SEBI (Intermediaries) Regulations, 2008, read alongside Section 12(3) of the SEBI Act, 1992. SEBI stated that the primary objective behind cancelling the expired certificates is to prevent the misuse of dormant regulatory credentials before unaware market participants and retail investors.

Regulatory Framework and Fee Defaults

Under the SEBI (Research Analysts) Regulations, 2014, every registered research analyst is required to pay a periodic renewal fee every five years from the date of registration to maintain an active status.

According to the regulator's findings, the renewal fees had lapsed across varying dates:

• For 10 of the 12 entities, the renewal fees had remained unpaid since May 22, 2024.
• For Mitesh Thacker, the dues were pending since April 15, 2025.
• For Sunil Kumar Dhavala and Rahul Lala, renewal payments had lapsed from August 28, 2025, and November 20, 2025, respectively.

Entities Named in the Order

The 12 research analyst registrations cancelled by SEBI comprise both institutional advisory firms and individual analysts:

• Religare Capital Markets Ltd
• Indianivesh Securities Pvt Ltd
• Espirito Santo Securities India Pvt Ltd
• Magnum Capital Advisors
• WSA Equity and Financial Research Pvt Ltd
• Dr Stock Research Advisory
• Indeed Research
• Rahul Lala (Proprietor of Greentix Research)
• Mitesh Thacker
• Nitin Gami
• Sunil Kumar Dhavala
• Ravi Kiran Kulkarni

Regulatory Findings and Responses

SEBI had issued multiple notices across February 2025, May 2026, and August 2026, providing the noticees an opportunity to explain why their registration certificates should not be cancelled or suspended.

Formal responses were received from only four entities: Religare Capital Markets, Indianivesh Securities, Magnum Capital Advisors, and Ravi Kiran Kulkarni. Rather than disputing the non-payment or providing proof of fee submission, these entities conveyed to the market regulator that their research analyst registrations could be cancelled. The remaining entities did not submit documentation to contest the non-payment.

Investor Protection and Ongoing Obligations

SEBI explicitly noted that the cancellation of registration does not absolve any of the 12 entities from liabilities arising from acts or omissions committed while they were registered as research analysts.

The affected entities have been instructed to ensure the maintenance and preservation of all statutory records and client documentation. Furthermore, they remain bound to redress pending investor grievances, facilitate the smooth transfer of client accounts and records where applicable, and address any ongoing legal proceedings or client claims. A copy of the order has been communicated to the noticees and the BSE, which oversees research analyst administration and supervision.

Tags: SEBI Religare Capital Markets Indianivesh Securities Research Analysts Capital Markets