SEBI Cancels Research Analyst Registration After Holder Says He Runs Grocery Shop, Not Market Activities
Mehak Dhiman
1 Jan 2026 11:25 AM IST
The Securities and Exchange Board of India (SEBI) has cancelled the registration of a research analyst who told the regulator that he runs a small grocery shop and is not engaged in securities market activities, after proceedings relating to the misuse of his SEBI registration details by an unregistered investment advisory firm.
The noticee had been registered with SEBI as a Research Analyst since June 19, 2018. The action follows complaints received in June 2022 and February 2023 alleging that a website named “optionresearch.in” was offering investment advice with promises of assured returns while falsely projecting itself as a SEBI-certified entity by using the noticee's registration number.
Upon examination, SEBI found out that the website was operated by a partnership firm, Option Research Consultancy (ORC), which was not registered with SEBI. Investor payments collected through the website were traced to bank accounts belonging to ORC and its associates.
In earlier proceedings concluded in August 2024, SEBI had taken action against ORC and its partners. SEBI directed them to refund more than ₹30 lakh to investors, barred them from accessing the securities market for two years, and imposed monetary penalties.
SEBI also initiated separate proceedings against the noticee. In adjudication proceedings under the SEBI Act, the Adjudicating Officer gave him the benefit of doubt, observing that there was no clear evidence to show that he had colluded with ORC or received any financial benefit from its activities.
However, the Designated Authority under the Intermediaries Regulations took a different view. It noted that the noticee had admitted to sharing the password of his registered email ID with one of ORC's partners, which SEBI found unacceptable for a registered intermediary.
A show cause notice dated September 30, 2025 was issued proposing cancellation of his registration. The noticee did not file a written reply but appeared for a personal hearing, where he stated that he runs a small retail grocery shop, does not carry out research analyst activities, and requested SEBI to cancel his registration.
Taking these facts into account, and noting the noticee's consent, SEBI cancelled his research analyst registration with immediate effect.