Alliance Research controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2026
SEBI fines Alliance Research proprietor ₹6 lakh for investment advisory violations
Fine or penalty
The Securities and Exchange Board of India (SEBI) imposed a ₹6 lakh penalty on Mudassir Hasan, proprietor of Alliance Research, for multiple violations of investment adviser regulations. According to the reported findings, the violations included providing unregistered investment advice, improper KYC and risk profiling, unsuitable product recommendations, and charging unfair fees from clients.
Source excerpt
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹6 lakh on Mudassir Hasan, proprietor of Alliance Research, for multiple violations of investment adviser (IA) regulations, including providing unregistered investment advice, improper know-your-customer (KYC) and risk profiling, unsuitable product recommendations and charging unfair fees from clients.
SEBI had inspected Alliance Research where Mr Hasan was registered as an IA from 16 April 2015.
The order also flagged the fees charged by Alliance Research. For 19 of the 32 clients for whom records were available, the fees received were higher than the client’s annual income, while for 17 clients the fees exceeded the proposed investment amount disclosed in their risk-profiling forms.