The Securities and Exchange Board of India (Sebi) has cancelled the registrations of 68 investment advisers after they failed to comply with mandatory norms, in one of its largest compliance sweeps in recent years.
The markets regulator issued the order on Thursday, cancelling the certificates with immediate effect after their failure to pay the renewal fees required to maintain a licence as a registered investment adviser (RIA).
The move is part of Sebi’s efforts to prevent the misuse of credentials of inactive RIAs by fraudsters, said Abhishek Kumar, founder and chief investment adviser at Sahaj Money, a financial planning and investment advisory firm. “Through this, it appears Sebi aims to maintain an accurate, credible, and investor-friendly RIA register.”
Sebi has directed the 68 entities to immediately stop identifying themselves as registered advisers, refrain from using their former registration numbers, preserve relevant records, resolve pending investor complaints, and ensure proper handling of any client funds or securities.
According to the Sebi (Investment Advisers) Regulations, 2013, an investment adviser must renew their registration every five years by paying a prescribed fee. The regulator noted that all 68 entities allowed their certificates to lapse, despite repeated reminders. The non-payment placed them in violation of the regulations and triggered formal cancellation.
Sebi had initiated a multi-stage compliance exercise earlier this year. Physical show-cause notices were issued between February and June 2025, many of which were returned undelivered. It then sent electronic notices in August and September to the email addresses on record, and service was treated as complete.
Only 17 advisers responded, seeking voluntary cancellation. The remaining 51 did not reply, prompting Sebi to cancel their licences.
The list of cancelled advisers spans a range of business structures, including proprietorships, LLPs, and private-limited companies, such as TrueNorth Labs Pvt. Ltd, Equity Mantra, Getbasis Securities and Technologies India Pvt. Ltd, Lucid Technologies, and Avenue Venture Partners Investment Adviser LLP.
The move forms part of a broader compliance clean-up across intermediaries. In parallel actions over recent months, Sebi has cancelled registrations of research analysts and other advisory entities for similar non-compliance with fee payments, disclosure requirements and procedural norms.
The regulator has been signalling that lapses in foundational obligations, such as maintaining valid certificates, will not be overlooked.
In September, the regulator cancelled the licences of 18 investment advisers as they failed to pay renewal fees. In March, the market watchdog cancelled the registrations of 72 research analysts who did not pay renewal fees despite repeated reminders.
India had over 900 investment advisers in FY25, according to Sebi’s annual report 2024-2025.
