SEBI cancels Purooskhan's research analyst registration after consent

This order cancels the SEBI registration of Mr. Purooskhan, a Research Analyst, after SEBI found that his registration details were misused by an unregistered firm (M/s Option Research Consultancy) to fraudulently collect fees from investors. The cancellation was recommended by the Designated Authority and consented to by Mr. Purooskhan during the hearing.

Mr. Purooskhan (Research Analyst, SEBI Reg. No. INH200006008); M/s Option Research Consultancy (ORC); Mr. G Faheeth Ali; Ms. Fathima M; Mr. MS Ahammed Ali; Mr. MS Fakrudeen.

• Cancellation of Mr. Purooskhan's SEBI Research Analyst registration certificate.
• The order takes effect immediately.
• SEBI noted that the unregistered firm ORC used Mr. Purooskhan's registration number on its website to appear as a SEBI-certified entity.
• Complainants reported losses of approximately Rs. 4 lakhs and Rs. 16,000 after paying fees to ORC.
• A separate SEBI order dated August 27, 2024, directed ORC and its partners to refund Rs. 30,39,588 and imposed a two-year debarment and monetary penalties.
• The Adjudicating Officer gave Mr. Purooskhan the benefit of the doubt regarding fraud, finding no evidence of collusion or monetary benefit.
• The Designated Authority recommended cancellation because Mr. Purooskhan admitted to sharing his email password with Mr. Faheeth Ali, compromising security.

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