SEBI finds ₹6,71,650 in unregistered advisory fees from Alliance Research proprietor

Who it concerns: Mr. Mudassir Hasan (Proprietor of Alliance Research)

What SEBI found or ordered

• SEBI found prima facie violations including carrying on unregistered investment advisory activities prior to obtaining registration (April 16, 2015).
• SEBI identified improper KYC, risk profiling, and product suitability assessments.
• SEBI found that the Noticee charged unfair fees and promised assured returns to clients.
• SEBI noted that representatives and employees did not meet requisite eligibility criteria.
• An Interim Order dated January 6, 2021, directed Mr. Mudassir not to access the securities market or act as an investment adviser, which was confirmed by a Confirmatory Order dated July 29, 2022.
• A settlement application filed by the Noticee was rejected by SEBI on July 11, 2025.
• Related Adjudication proceedings resulted in a penalty of ₹6,00,000 and a two-month suspension of the registration certificate (orders dated October 7 and 10, 2025).
• Summary proceedings resulted in the cancellation of the Noticee's certificate of registration as an Investment Adviser (Order dated July 21, 2026).

Also in the document

• The Noticee admitted to accepting advisory fees of ₹6,71,650 for offering tips prior to obtaining SEBI registration.
• The Noticee's registration as an Investment Adviser was cancelled in July 2026 due to non-payment of renewal fees.
• The order notes that the Noticee's settlement application was rejected, leading to the revival of all proceedings.