Once more, financial influencers are on SEBI's radar in India, and this time, Mohammad Nasiruddin Ansari, known as the 'Baap of Chart,' faces regulatory action. SEBI has penalized him with a ₹17.20 crore fine and barred him from the securities market for offering unregistered investment advice disguised as investor education.
The individuals involved, such as Md Nassiruddin Ansari, Rahul Rao Padamati, and Golden Syndicate Ventures, have been barred from accessing the securities market until further notice and are required to pay a penalty of ₹17.20 crore. SEBI's interim order indicates that, on the face of it, the ' influencer ' managed to accumulate ₹17,20,76,616.09 over slightly more than a two-year period through unregistered and deceptive investment advisory activities.
SEBI found that Nasir promised investors high returns, guaranteed profits, and recovery from losses by adhering to the recommendations made in the courses.
Nasir's YouTube channel (@Baapofchart) boasts over 443,000 subscribers and over 70 million views. According to SEBI's examination report, numerous videos on the channel made promises of quick and consistent trading returns. SEBI has instructed those involved to remove all advertisements and promotions related to investment courses. This isn't the first instance of SEBI taking action against a financial influencer. In June of this year, PR Sundar, another financial influencer, faced SEBI's scrutiny for providing unregistered investment advice through social media and telegram groups. Sundar agreed to a settlement of ₹46.80 lakh and the disgorgement of ₹6 crore, which includes profits earned from advisory services and the interest on them.
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