Capital markets regulator Sebi on Friday cancelled the registration certificates of 15 investment advisers after they failed to pay the mandatory renewal fees.
Under the Sebi (Investment Advisers) Regulations, 2013, registered investment advisers are required to pay a renewal fee every five years to keep their registration valid.
Sebi found that the 15 advisers had failed to pay the renewal fees within the stipulated period.
The regulator issued notices to these entities in June, asking them to explain why their registrations should not be suspended or cancelled. However, no replies were received within the prescribed time.
The Securities and Exchange Board of India (Sebi) said the registrations had ceased to remain in force due to non-payment of renewal fees and, therefore, cancelled their certificates with immediate effect.
The regulator clarified that cancellation of registration does not absolve the entities of liabilities arising from their past activities as registered investment advisers.
They will continue to remain responsible for maintaining records, addressing investor grievances, ensuring continuity of client services, and complying with other regulatory requirements, if applicable.
Among the 15 investment advisers whose registrations were cancelled are Capvision Investment Advisor, Wise Finserv, Hardik Mahendrakumar Shukla, Sharanjit Singh, Money India Research, Exfinity Venture Partners LLP and Tanya Gupta.
