Cracking a whip on unregistered finfluencers selling courses to investors, regulatory body SEBI on Monday, banned seven entities operating Baap of Chart from engaging in investment advisory services for a year. SEBI also directed the seven individuals namely, Nasiruddin Ansari, Rahul Rao Padamati, Tabraiz Abdullah, Asif Iqbal Wani, Mansha Abdullah, Jadav Vamshi and Golden Syndicate Ventures Pvt Ltd (GSVPL) to return the investors Rs 17.2 crore within 3 months. Ansari has been slapped a penalty of Rs 20 lakh while the rest have been ordered to pay Rs 2 lakh each.
Through their channel on X/Twitter and YouTube, named Baap of Chart, Nasiruddin Ansari and associates endorsed buying and selling of stocks in the garb of providing educational services for the same. They did so without holding the mandatory registration as investment advisories (IA) holding an IA certificate. Amarjeet Singh, a whole-time SEBI member, stated in the final order that “Nasir aided and abetted by remaining noticees, provided investment advisory services and promised unrealistic returns to investors with the objective of raising money through course fees.” He further remarked that the theatrics (like the Shaktimaan strategy) in his trailer videos aimed to create an illusion of unnatural returns prompting gullible viewers to join their classes.
The regulatory body also found that Baap of Chart’s promoter made over Rs 2 crore of loss and deliberately hid it from investors, thereby misleading and duping them.
Reactions poured in with several applauding the 2023 interim order against the aforementioned finfluencers. One jibed, “Broke SEBI rules to spread awareness about SEBI rules,” while another took a dig at the regulatory body, “Small scale fraud gets you caught while large scale fraud earns you top job.”
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