SEBI Cancels Registrations of Eight Investment Advisers for Non-Payment of Renewal Fees

The Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration for eight investment advisers after finding that they failed to pay required renewal fees [1]. The regulatory action, announced through an order dated November 3, 2026, was executed under Section 12(3) of the SEBI Act, 1992, read alongside Regulation 30A of the SEBI (Intermediaries) Regulations, 2008 [1].

Details of the Cancelled Registrations

Under the SEBI (Investment Advisers) Regulations, 2013, registered investment advisers are required to pay a renewal fee every five years from the date their registration is granted to keep their certification in force [1]. The fee must be paid within three months before the expiry of the active period [1]. SEBI noted that eight specific entities failed to fulfill this obligation, leading to summary proceedings [1].

The affected entities and their respective registration details include: - Karvy Investment Advisory Services Limited (Registration No. INA200001959, registered on 03/07/2014, renewal unpaid from 03/07/2019) [1]. - Sagacis Investment Advisor (Registration No. INA200001389, registered on 28/03/2014, renewal unpaid from 28/03/2019) [1]. - Tathastu Investment Adviser Private Limited (Registration No. INA000000417, registered on 04/12/2013, renewal unpaid from 04/12/2018) [1]. - Quant Capital Private Limited (Registration No. INA000005069, registered on 28/06/2016, renewal unpaid from 28/06/2021) [1]. - Arkanis Capital (Registration No. INA200000837, registered on 10/01/2014, renewal unpaid from 10/01/2019) [1]. - Ira Wealth Advisor (Registration No. INA200013275, registered on 10/05/2019, renewal unpaid from 09/05/2024) [1]. - IDFC Alternatives Limited (Registration No. INA000001738, registered on 16/05/2014, renewal unpaid from 16/05/2019) [1]. - Indianivesh Investment Managers Pvt. Ltd. (Registration No. INA000004625, registered on 04/05/2016, renewal unpaid from 04/05/2021) [1].

Regulatory Proceedings and Responses

Following the discovery of unpaid renewal fees, SEBI initiated summary proceedings by issuing notices to all eight entities, communicating the grounds for the action and the alleged violations [1]. The notices granted a 21-day window for the firms to submit written responses and documentary evidence regarding why their registrations should not be suspended or cancelled [1].

SEBI recorded that noticees numbered one through six failed to submit any replies within the stipulated time [1]. Meanwhile, noticees number seven and eight—IDFC Alternatives Limited and Indianivesh Investment Managers Pvt. Ltd.—submitted replies explicitly requesting that their registrations as investment advisers be cancelled by the regulator [1]. Because no entity furnished documentary evidence to contest the factual position of non-payment, the regulator concluded that the certificates had already ceased to be in force and proceeded with formal cancellation [1].

Investment advisers in India are strictly regulated by SEBI under the SEBI (Investment Advisers) Regulations, 2013, which mandate periodic fee submissions to ensure active oversight and compliance [1]. Intermediaries facing summary proceedings are provided standard notice periods under the Intermediaries Regulations, 2008, to present their defense before penal measures are finalised [1].

This enforcement action maintains transparency and regulatory discipline within the Indian financial markets, ensuring that only compliant and active entities retain their status as registered investment advisers.

The cancellation of these registrations legally bars the named entities from operating as registered investment advisers, which may prompt further administrative or legal scrutiny regarding past client operations.

Clients who previously engaged with these investment advisers face potential continuity risks, though the regulatory filings indicate that the registrations had already ceased to be active due to lapsed payments.