The Securities and Exchange Board of India (SEBI) has cancelled the registration of Purooskhan, a licensed research analyst, after discovering he was running a grocery store in Madurai and had no involvement in securities market activities. SEBI's authority expressed surprise at how he obtained registration. The case originated from investor complaints against a website, optionresearch.in, which misused Purooskhan's registration number, promised high returns, and led to significant investor losses. Purooskhan claims his details were misused.