SEBI Cancels 'Grocery Store Analyst' Registration; Investors Defrauded of Lakhs

• SEBI canceled the research analyst registration of Purooskhan, a Madurai grocery store owner with no market knowledge.
• Purooskhan's SEBI registration number was misused by Option Research Company (ORC) on its website, promising guaranteed profits.
• An investor lost ₹4 lakh after paying ORC; SEBI ordered ORC to refund ₹30.39 lakh and imposed penalties.
• Purooskhan claimed his documents were taken by ORC partner G Faheeth Ali under false pretenses for a job, leading to misuse.
• The case highlights SEBI's strict action against fraudulent practices and misuse of registrations in the securities market.

Why It Matters: SEBI canceled a grocery store owner's research analyst registration due to misuse and investor fraud.