# EchoStar share price today (EchoStar Corporation, ECHO) > EchoStar Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ECHO · Communication Services · Telecom Services · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/echo Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Price: $101.94 (+36.2% in a year) - P/E: 3.0×, over 2.1 years - Revenue (Jun 2026): $3.6 B (−4.0% on a year ago) - Profit (Jun 2026), incl. one-off: $8.5 B (one-off item, see below) - Operating margin: 14.3% (+20.0 points on a year ago) - ROE: −250%, FY25 - ROIC: 5.2%, against a 11.6% cost of capital: −6.4 points - Profit that came in as cash: 164%, last 2 years Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the EchoStar share price today? EchoStar Corporation's share price was $101.94 at the close on 3 November 2026. It has been moving sideways for 20 weeks. That is 4.3% below its average price over the last 200 trading days. In the last 52 weeks it traded between $67 and $137, and at that close it sat 49% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 2 weeks in a row. Over the last 10 years the share price moved +162% while the S&P 500 moved +255%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does EchoStar pay? EchoStar Corporation pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is EchoStar on? EchoStar is on one of our US lists: S&P 500 companies. [S&P 500 companies](https://www.sectoralpha.in/sp-500-stocks) ## Is EchoStar profitable? EchoStar Corporation earned $8.5 B of net profit in the Jun 2026 quarter. That quarter includes a one-off gain bigger than its revenue, so the comparison with last year does not reflect normal business. The full FY25 year was a loss of $14.5 B. That is 236.6% of the quarter's revenue. The same quarter a year earlier lost $307 M. 10 of the last 12 reported quarters were loss-making. Read this profit with care: at $8.5 B it is bigger than the quarter's whole revenue of $3.6 B. No business earns more than it takes in from sales, so this is a one-off item (for example a debt settlement, a tax write-back or an asset sale), not money the business earned. The underlying business is running at a 14.3% operating margin. The jump on last year, and any P/E built on this profit, come from the one-off, not from a real turn in earnings. ## How much revenue does EchoStar make, and is it growing? EchoStar Corporation reported $3.6 B of revenue in the Jun 2026 quarter, −4.0% on the same quarter a year earlier. Over 4 years it has grown −6.7% a year on average. The last full year, FY25, came in at $15.0 B. The last four reported quarters add to $14.7 B. FY25 revenue was $15.0 B, −5.2% on the year before. Recent pace: the last four quarters grew −5.1% on average, against −6.7% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −5.2%, against −5.0% a year over the last 8 quarters (stabilising). ## How much of every $100 of sales does EchoStar keep? EchoStar Corporation's operating margin was 14.3% in the Jun 2026 quarter, 20.0 percentage points higher than the same quarter a year ago. Across 5 years it has been between −1.9% and 17.3%. The latest quarter is within that range. Why the margin moved: operating margin changed +20.0 percentage points on the year while gross margin changed +10.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is EchoStar's profit turning into cash? Over the last 2 years, 164% of EchoStar Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 its operations used $99.4 M of cash, against −$14.5 B of profit. After $966 M of spending on assets, free cash was −$1.1 B: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does EchoStar's cash go? EchoStar Corporation does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $5.6 B on assets over the last 3 years. Averaged over those years that is 12.5% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $5.6 B over the last 3 years. In short: most of the cash goes on covering the loss, not on new assets; spending on assets is small next to it. ## What is EchoStar's P/E ratio, and how does it compare with its own history? EchoStar Corporation's P/E is 3.0×, with too little history to compare. This compares the share price with the company’s own past. It does not say what the business is worth. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the EchoStar business getting better or worse? EchoStar Corporation's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does EchoStar earn on its capital? EchoStar Corporation earned a ROE of −250% in FY25. Its return on capital used (ROIC) is 6.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −96.7% net margin and 0.35× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −96.7% net margin × 0.35× asset turnover × 7.40× leverage (assets divided by equity) ≈ −250.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 5.2% − 11.6% = −6.4 percentage points. The 11.6% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 5.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at −0.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does EchoStar have too much debt? EchoStar Corporation has total debt of $17.6 B against shareholder equity of $14.2 B as of Jun 2026, so its debt is 1.24× its equity. Year by year, that ratio went from 0.48 in FY21 to 5.33 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the EchoStar shareholding pattern? 17.8% of EchoStar Corporation's tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 6.0 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is EchoStar from balance-sheet trouble? For EchoStar Corporation, the Z-score is 1.76. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.76 is inside the danger zone, so the balance sheet is a real risk. ## How does EchoStar rank in its industry? 53.4 out of 100, rank 5 of 21 in Telecom Services, with 64% of the evidence available. EchoStar Corporation scores 53.4 out of 100 against the 21 companies it is compared with in Telecom Services, ranking 5. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 20.2 + 7.7 + 11.1 + 14.4 = 53.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is EchoStar compared with? EchoStar ranks 5 of 21 Telecom Services companies on the 4-Factor Sector Score, with 53.4 out of 100. 1. [VEON Ltd.](https://www.sectoralpha.in/us/stocks/veon) VEON · leader · Most evidence points up · 81% evidence 65.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.2/35 · Revenue 14.7% · Profit -87.8% · Operating margin change -4 points · 83% evidence Capital efficiency 18.6/25 · ROCE 19.9% · Operating margin 25.8% · 76% evidence Valuation 11.5/20 · P/E 61.3× · PEG 0.54 · 65% evidence Relative strength 20.0/20 · Lead over its industry 45.4% · Lead over S&P 500 30.7% · 1 year 79.3% · 100% evidence · 11 of 12 weeks ahead Exact sum: 15.2 + 18.6 + 11.5 + 20 = 65.3 · What this means: Relative strength against the index is 30.7%, and revenue and profit growth are weak. 2. [Kyivstar Group Ltd.](https://www.sectoralpha.in/us/stocks/kyiv) KYIV · turning · Evidence leans up · 71% evidence 58.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.1/35 · Revenue 23.4% · Profit -45.9% · Operating margin change -3.9 points · 83% evidence Capital efficiency 19.8/25 · ROCE 26.4% · Operating margin 36.6% · 76% evidence Valuation 9.1/20 · P/E 22.9× · PEG n/a · 15% evidence Relative strength 15.6/20 · Lead over its industry 9.8% · Lead over S&P 500 -1.7% · 1 year 9.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 14.1 + 19.8 + 9.1 + 15.6 = 58.6 · What this means: Relative strength against the index is -1.7%, and revenue and profit growth are weak. 3. [Verizon Communications Inc.](https://www.sectoralpha.in/us/stocks/vz) VZ · quiet · Evidence leans up · 81% evidence 57.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.8/35 · Revenue 1.4% · Profit -11.1% · Operating margin change -0.3 points · 83% evidence Capital efficiency 15.0/25 · ROCE 9.3% · Operating margin 23% · 76% evidence Valuation 14.5/20 · P/E 10.9× · PEG 0.19 · 65% evidence Relative strength 12.9/20 · Lead over its industry 5.9% · Lead over S&P 500 -5.8% · 1 year 13% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.8 + 15 + 14.5 + 12.9 = 57.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 4. [Telefônica Brasil S.A.](https://www.sectoralpha.in/us/stocks/viv) VIV · basing · Evidence leans up · 81% evidence 55.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 7.1% · Profit 13.2% · Operating margin change 0.8 points · 83% evidence Capital efficiency 16.6/25 · ROCE 11.1% · Operating margin 17.6% · 76% evidence Valuation 9.9/20 · P/E 16.4× · PEG 1.09 · 65% evidence Relative strength 4.9/20 · Lead over its industry -12.4% · Lead over S&P 500 -22.5% · 1 year -12.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 24.3 + 16.6 + 9.9 + 4.9 = 55.7 · What this means: Earnings are strong; relative strength in its sector is -12.4% and the one-year return is -12.4%. 5. EchoStar Corporation this page ECHO · turning · Evidence leans up · 64% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue -5.2% · Profit n/a · Operating margin change 20 points · 62% evidence Capital efficiency 7.7/25 · ROCE 2.9% · Operating margin 14.3% · 76% evidence Valuation 11.1/20 · P/E -5.2× · PEG n/a · 15% evidence Relative strength 14.4/20 · Lead over its industry 4.9% · Lead over S&P 500 -7.2% · 1 year 38.7% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.2 + 7.7 + 11.1 + 14.4 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Rogers Communications Inc.](https://www.sectoralpha.in/us/stocks/rci) RCI · basing · Evidence leans up · 85% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue 8% · Profit -86.6% · Operating margin change 0.5 points · 95% evidence Capital efficiency 12.6/25 · ROCE 6.9% · Operating margin 24.5% · 76% evidence Valuation 12.4/20 · P/E 26.6× · PEG 0.51 · 65% evidence Relative strength 11.1/20 · Lead over its industry -0.7% · Lead over S&P 500 -11.8% · 1 year -10.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17 + 12.6 + 12.4 + 11.1 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [BCE Inc.](https://www.sectoralpha.in/us/stocks/bce) BCE · basing · Evidence leans up · 81% evidence 52.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 1.6% · Profit 100% · Operating margin change -1.1 points · 83% evidence Capital efficiency 13.3/25 · ROCE 7.6% · Operating margin 22.1% · 76% evidence Valuation 15.4/20 · P/E 4.5× · PEG 0.12 · 65% evidence Relative strength 6.7/20 · Lead over its industry -5.9% · Lead over S&P 500 -16.5% · 1 year -11.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.7 + 13.3 + 15.4 + 6.7 = 52.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [T-Mobile US, Inc.](https://www.sectoralpha.in/us/stocks/tmus) TMUS · basing · Evidence leans up · 81% evidence 51.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue 9.7% · Profit -13.6% · Operating margin change 0.4 points · 83% evidence Capital efficiency 16.5/25 · ROCE 10.9% · Operating margin 25.2% · 76% evidence Valuation 8.8/20 · P/E 17.2× · PEG 1.23 · 65% evidence Relative strength 5.9/20 · Lead over its industry -12.8% · Lead over S&P 500 -22.7% · 1 year -25.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.2 + 16.5 + 8.8 + 5.9 = 51.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Millicom International Cellular S.A.](https://www.sectoralpha.in/us/stocks/tigo) TIGO · quiet · Too little evidence to rank firmly · 56% evidence 51.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.6/35 · Revenue n/a · Profit n/a · Operating margin change -4.2 points · 39% evidence Capital efficiency 14.1/25 · ROCE 10.9% · Operating margin 20.7% · 76% evidence Valuation 9.3/20 · P/E 22.8× · PEG n/a · 15% evidence Relative strength 10.2/20 · Lead over its industry 7.2% · Lead over S&P 500 -4% · 1 year 63.2% · 100% evidence · 4 of 12 weeks ahead Exact sum: 17.6 + 14.1 + 9.3 + 10.2 = 51.2 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. [Comcast Corporation](https://www.sectoralpha.in/us/stocks/cmcsa) CMCSA · basing · Evidence leans down · 85% evidence 49.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.4/35 · Revenue -0.3% · Profit -49.9% · Operating margin change 0.5 points · 95% evidence Capital efficiency 13.7/25 · ROCE 8% · Operating margin 18.2% · 76% evidence Valuation 14.1/20 · P/E 6.8× · PEG 0.22 · 65% evidence Relative strength 9.5/20 · Lead over its industry -4% · Lead over S&P 500 -15.1% · 1 year -13.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 12.4 + 13.7 + 14.1 + 9.5 = 49.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [AT&T Inc.](https://www.sectoralpha.in/us/stocks/t) T · quiet · Evidence leans down · 75% evidence 49.0 out of 100 Growth Capital Valuation Relative 12. [Array Digital Infrastructure, Inc.](https://www.sectoralpha.in/us/stocks/ad) AD · basing · Evidence leans down · 64% evidence 47.4 out of 100 Growth Capital Valuation Relative 13. [Iridium Communications Inc.](https://www.sectoralpha.in/us/stocks/irdm) IRDM · quiet · Evidence leans down · 85% evidence 46.3 out of 100 Growth Capital Valuation Relative 14. [Globalstar, Inc.](https://www.sectoralpha.in/us/stocks/gsat) GSAT · turning · Evidence leans down · 64% evidence 44.8 out of 100 Growth Capital Valuation Relative 15. [Charter Communications, Inc.](https://www.sectoralpha.in/us/stocks/chtr) CHTR · basing · Evidence leans down · 81% evidence 44.7 out of 100 Growth Capital Valuation Relative 16. [Telephone and Data Systems, Inc.](https://www.sectoralpha.in/us/stocks/tds) TDS · turning · Evidence leans down · 64% evidence 42.6 out of 100 Growth Capital Valuation Relative 17. [TELUS Corporation](https://www.sectoralpha.in/us/stocks/tu) TU · basing · Evidence leans down · 71% evidence 38.9 out of 100 Growth Capital Valuation Relative 18. Liberty Global Ltd. LBTYB · quiet · Too little evidence to rank firmly · 58% evidence 37.0 out of 100 Growth Capital Valuation Relative 19. [Lumen Technologies, Inc.](https://www.sectoralpha.in/us/stocks/lumn) LUMN · basing · Most evidence points down · 64% evidence 23.6 out of 100 Growth Capital Valuation Relative 20. [Vodafone Group Public Limited Company](https://www.sectoralpha.in/us/stocks/vod) VOD · quiet · Too little evidence to rank firmly · 41% evidence 49.8 out of 100 Growth Capital Valuation Relative 21. [Liberty Broadband Corporation](https://www.sectoralpha.in/us/stocks/lbrda) LBRDA · Too little evidence to rank firmly · 49% evidence 36.3 out of 100 Growth Capital Valuation Relative Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Telecom Services](https://www.sectoralpha.in/us/sectors/telecom-services), all 21 compared on one page. ## Which companies are close to EchoStar in size? EchoStar is the 8th largest of 44 Telecom Services companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: América Móvil, S.A.B. de C.V., Chunghwa Telecom Co. and Vodafone Group Public Limited Company. Just below it: BCE Inc., Charter Communications, Inc. and Rogers Communications Inc. ### Telecom Services companies close in size 1. [América Móvil, S.A.B. de C.V.](https://www.sectoralpha.in/us/stocks/amx) $74.3 billion 2. [Chunghwa Telecom Co., Ltd.](https://www.sectoralpha.in/us/stocks/cht) $37.6 billion 3. [Vodafone Group Public Limited Company](https://www.sectoralpha.in/us/stocks/vod) $36.1 billion 4. EchoStar Corporation $29.6 billion 5. [BCE Inc.](https://www.sectoralpha.in/us/stocks/bce) $19.2 billion 6. [Charter Communications, Inc.](https://www.sectoralpha.in/us/stocks/chtr) $18.6 billion 7. [Rogers Communications Inc.](https://www.sectoralpha.in/us/stocks/rci) $18.1 billion [All 44 Telecom Services companies, largest first](https://www.sectoralpha.in/us/sectors/telecom-services#all-companies) ### Companies close in size in other industries 1. [Tenaris S.A.](https://www.sectoralpha.in/us/stocks/ts) $28.7 billion · Oil & Gas Equipment & Services 2. [Halliburton Company](https://www.sectoralpha.in/us/stocks/hal) $28.6 billion · Oil & Gas Equipment & Services 3. EchoStar Corporation $28.6 billion 4. [West Pharmaceutical Services, Inc.](https://www.sectoralpha.in/us/stocks/wst) $28.4 billion · Medical Instruments & Supplies 5. [Ryanair Holdings plc](https://www.sectoralpha.in/us/stocks/ryaay) $28.3 billion · Airlines ## What else do people ask about EchoStar? ### What were EchoStar's latest quarterly results? EchoStar Corporation reported revenue of $3.6 B and net profit of $8.5 B for the Jun 2026 quarter. Earnings per share were $24.12. The operating margin was 14.3%, 20.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is EchoStar's market cap? EchoStar Corporation's market capitalisation is $29.6 B at a stock price of $101.94. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is EchoStar performing? EchoStar Corporation's share price has been moving sideways for 20 weeks. Over the past 13 weeks it has done better than the S&P 500, for 2 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will EchoStar's stock price go up? This page does not forecast EchoStar Corporation's stock price. What it shows instead: the stock price is $101.94, and it has been moving sideways for 20 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Does EchoStar have too much debt? EchoStar Corporation has a moderate amount of debt: its debt is 0.57× its equity. A year-by-year history of its borrowings is not in our data, so this uses the latest reading. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is EchoStar in its business cycle? EchoStar Corporation's FY25 operating margin was −0.6%, against a 5-year range of −1.9% to 17.3%: the low end of its own range, which is often where recoveries start. The latest quarter was 14.3%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the EchoStar story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is EchoStar a stock worth studying right now? What the numbers show: EchoStar Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ## Lists - S&P 500 companies: https://www.sectoralpha.in/sp-500-stocks This is research, not advice. We’re not SEBI-registered.