Authority: Deputy General Manager, Market Intermediaries Regulation and Supervision Department, Securities and Exchange Board of India (SEBI)

Order Date: February 3, 2025

Case Overview

The Securities and Exchange Board of India (SEBI) has issued a show cause notice to Abhijeet Kumar, Proprietor of Mantra Research & Analytics, for the cancellation of his Certificate of Registration as a Research Analyst. The notice was issued under Sections 12(3) of the SEBI Act, 1992 read with Regulation 30A of the SEBI (Intermediaries) Regulations, 2008 (Summary Proceedings).

The respondent was registered with SEBI as a Research Analyst, holding Certificate of Registration number INH000000826, issued under the SEBI (Research Analyst) Regulations, 2014 on June 25, 2015.

The principal allegation is the failure to pay the mandatory fee required every five years to keep the registration in force, as stipulated in Clause 3 of the Second Schedule of the SEBI (Research Analyst) Regulations, 2014. The fee was due to be paid within three months before the expiry of the five-year period from the date of registration grant. Due to this non-payment, the respondent has ceased to satisfy the condition of registration stipulated in Regulation 13(i) of the SEBI (Research Analyst) Regulations, 2014, leading to the expiry of the certificate.

Final Outcome

This is a show cause notice, and a final order has not been issued. The respondent is required to submit a written response, along with any supporting documentary evidence, within 21 calendar days from the date of receipt of this notice. The response must be sent to the Deputy General Manager at SEBI Bhavan II, Bandra Kurla Complex, Mumbai, and a soft copy must be emailed to rishik@sebi.gov.in.

The notice explicitly states that no opportunity for a personal hearing will be granted. If no response is submitted within the stipulated timeframe, the matter will be proceeded with ex-parte based on the available material on record. The competent authority will then pass an appropriate order, which could be the cancellation or suspension of the certificate of registration, within 21 days after the response deadline.

Topics: SEBI Enforcement, Research Analyst Compliance