Asmita Patel, who called herself the "She Wolf of the stock market" and "Options Queen," is under investigation by the Securities and Exchange Board of India (SEBI). SEBI is investigating claims that Patel was running an unregistered investment advisory service through her company, Asmita Patel Global School of Trading Pvt Ltd (APGSTPL).
Who is Asmita Patel?
Patel started trading stocks 17 years ago without any formal training in finance. Over time, she developed her own trading system and in 2020, she established the Asmita Patel Global School of Trading. Patel marketed the school as a way for ordinary people to learn about the stock market. She offered courses such as "Let’s Make India Trade" (LMIT), "Master’s in Price Action Trading" (MPAT), and "Options Multiplier (OM)". Patel attracted a large following, including 526,000 YouTube subscribers, 289,000 Instagram followers, and thousands more on Facebook and X (formerly Twitter).
SEBI Investigation
SEBI's investigation was triggered by 42 complaints from students who said they were misled. Patel's courses included stock recommendations and specific buy-and-sell signals. Students who paid for Patel's courses believed they were receiving special information that would guarantee profits, and Patel allegedly told students that they would not lose money if they followed her system. However, many students ended up losing money.
SEBI found that Patel and her school made ₹12.28 lakh in trading profits between 2019 and January 2024. She claimed to manage portfolios worth ₹140 crore and funds of ₹283 crore, but SEBI determined the total turnover to be ₹15.27 crore. SEBI has impounded nearly ₹54 crore in illegal gains from Patel's school and its directors. The regulator is also considering seizing the ₹104.6 crore collected from investors and students as course fees.
SEBI has banned Patel, her school, and five other entities from the securities market. The regulator has also directed them to stop offering investment advisory and research analyst services.
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What were the main complaints from students who participated in her courses?
Based on the search results provided, here are the main complaints from students regarding Asmita Patel's courses:
- Misleading information and false promises: Students believed they were receiving special information guaranteeing profits, but many ended up losing money after following Patel's buy-and-sell signals.
- Ineffective teaching: Students felt that they did not learn anything.
With inputs from agencies
Image Source: Multiple agencies
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