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

This is a final order by SEBI regarding Mr. Mudassir Hasan, the proprietor of Alliance Research, concerning violations of investment adviser regulations, including operating without registration and improper client practices.

Mr. Mudassir Hasan (Proprietor of Alliance Research)

• 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).

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