We investigate the observational properties of a hydrogen-deficient superluminous supernova (SLSN) SN 2020ank (at z = 0.2485), with the help of early phase observations carried out between $-$21 and +52 d since $g$-band maximum. Photometrically, SN 2020ank is one of the brightest SLSN ($M_{g,peak}$ $sim$ $-$21.84 $pm$ 0.10 mag), having fast pre-peak rising and post-peak decaying rates. The bolometric light curve of SN 2020ank exhibits a higher peak luminosity ($L_{max}$) of $sim$(3.9 $pm$ 0.7) $times$ 10$^{44}$ erg s$^{-1}$ and appears to be symmetric around the peak with $L^{rise}_{max}$/e $approx$ $L^{fall}_{max}$/e $approx$ 15 d. The semi-analytical light-curve modelling using the MINIM code suggests a spin down millisecond magnetar with $P_i$ $sim$2.2 $pm$ 0.5 ms and $B$ $sim$(2.9 $pm$ 0.1) $times$ $10^{14}$ G as a possible powering source for SN 2020ank. The possible magnetar origin and excess ultraviolet flux at early epochs indicate a central-engine based powering source for SN 2020ank. Near-peak spectra of SN 2020ank are enriched with the W-shaped O II features but with the weaker signatures of C II and Fe III. Using the estimated rise time of $sim$27.9 d and the photospheric velocity of $sim$12050 km s$^{-1}$, we constrain the ejecta mass to $sim$7.2 $M_{odot}$ and the kinetic energy of $sim$6.3 $times$ 10$^{51}$ erg. The near-peak spectrum of SN 2020ank exhibits a close spectral resemblance with that of fast-evolving SN 2010gx. The absorption features of SN 2020ank are blueshifted compared to Gaia16apd, suggesting a higher expansion velocity. The spectral similarity with SN 2010gx and comparatively faster spectral evolution than PTF12dam (a slow-evolving SLSN) indicate the fast-evolving behavior of SN 2020ank.
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