New Delhi, 04 November (H.S.): Capital markets regulator the Securities and Exchange Board of India (SEBI) on Wednesday cancelled the registration certificates of eight investment advisers for failing to pay the mandatory renewal fees required to keep their registrations valid.

According to SEBI, the entities whose registrations have been cancelled are Karvy Investment Advisory Services Limited, IDFC Alternatives Limited, Sagacis Investment Advisor, Tathastu Investment Adviser, Quant Capital, Arkanis Capital, IRA Wealth Advisor and Indianivesh Investment Managers.

In its order, SEBI stated that the registration certificates of these eight entities as investment advisers had ceased to remain in force due to non-payment of the prescribed renewal fees.

The regulator clarified that cancellation of their registrations would not absolve these entities of liabilities arising from their past activities as registered investment advisers. They will continue to be responsible for maintaining records, addressing investor grievances, ensuring continuity of services to clients and complying with other applicable regulatory requirements.

Under the SEBI (Investment Advisers) Regulations, 2013, registered investment advisers are required to pay a renewal fee every five years to maintain the validity of their registration certificates.

Hindusthan Samachar / Jun Sarkar