The present invention relates to a adsorbent composition for removing refractory sulphur compounds from refinery streams comprising of base component in the range of 10 to 50 wt %, spinel oxide in the range of 20 to 60 wt % as a reactive metal oxide component and bimetallic alloy in the range of 10 to 40 wt % acting as an adsorption enhancer component, wherein the adsorption enhancer component acts in synergy with base component. The invention also relates to a process for the preparation of said composition by mixing in solid state fine particles of base component, spinel oxide and bimetallic alloy, homogenizing the mixture thus obtained with solvent, peptizing the wet solid with dilute mineral acid, extruding the peptized material with extrusion aiding agents, drying the extrudates, further calcining the dried extrudates and reducing the calcined material under hydrogen flow.