SEBI bars Alliance Research from accessing client accounts over compliance violations

This order addresses regulatory proceedings against M/s Alliance Research, a registered Investment Adviser, regarding compliance violations identified during an inspection and subsequent enquiry. It details the procedural history, including interim directions, a Designated Authority's report, and the rejection of the firm's settlement proposal.

M/s Alliance Research (Proprietor: Mudassir Hasan)

• Interim order dated January 6, 2021, barred the Noticee from accessing the securities market and acting as an investment adviser.
• Interim order directed the Noticee to cease soliciting clients, remove advertisements, and freeze demat accounts.
• Designated Authority (DA) report dated October 17, 2023, recommended suspension of the registration certificate for six months.
• Noticee filed for settlement in November 2023, which was rejected by SEBI on July 11, 2025.
• Show Cause Notice (SCN) dated April 15, 2025, was issued based on the DA's report.
• Noticee did not file a written reply to the SCN but appeared for a hearing on August 28, 2025, and submitted written arguments on September 10, 2025.

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