SEBI Cancels 'Research Analyst' Tag of Grocer in Madurai Misuse Case

• SEBI cancelled the registration of Purooskhan, a 'Research Analyst' found to be running a 100-square-feet grocery store in Madurai.
• Purooskhan's SEBI registration number was misused by www.optionresearch.in (Option Research Company - ORC), which promised "sure shot" calls and led to investor losses.
• SEBI's quasi-judicial authority expressed surprise at how a grocer obtained such a registration, noting Purooskhan's lack of securities market knowledge.
• Purooskhan claimed he was tricked by an ORC partner, G Faheeth Ali, who obtained his details under false pretenses for a job.
• Despite earlier leniency, SEBI this time revoked his registration, concluding the unusual "grocery store research analyst" episode.

Why It Matters: SEBI cancels grocer's analyst registration after misuse, highlighting regulatory vigilance.