SEBI Cancels Research Analyst Registration Misused by Provision Store Owner

SEBI cancelled the Research Analyst registration of Purooskhan after confirming he had no role in securities market research or investment advice.

The decision stemmed from a SCORES complaint, where a website had wrongly projected SEBI registration and used his SEBI registration number without authorisation, offering paid “sure-shot” trading calls, zero-risk claims, and fund-doubling assurances, leading to ≈₹4-lakh investor losses despite a ₹50,000 payment.

SEBI observed he operated a 100-sq-ft provision store in Madurai and was unfamiliar with securities market operations during hearing.

The regulator also flagged sharing of email ID and account password as a compliance lapse.