‘Baap of Chart’ banned from market, SEBI orders return of $2.1 million
SEBI in its investigation found that Mohammad Naseeruddin Ansari gave stock recommendations in the guise of providing educational training.
Market regulator SEBI banned a popular influencer on social media from securities trading and ordered him to return Rs 17.2 crore he collected from followers, after its investigation found that he made financial gains under the guise of providing educational training. Gave stock recommendations.
The action by the Securities and Exchange Board of India comes amid growing clamor for action on so-called finfluencers amid concerns over the feasibility of their claims of making profits through trading strategies on social media platforms like X, formerly known as Twitter. Has been done after. Communicate with your followers.
In an interim order on Wednesday, the regulator banned Mohammed Naseeruddin Ansari, who operates on social media with the name “Bap of Chart”, from buying, selling or dealing in securities. .. It also outlawed a person and a business connected to Ansari.
Ansari did not respond to requests for comment right away.
In August, the regulator sought comments from the public on a regulation that would crackdown on the activities of investment advisers and market analysts who are not registered with it. This action of SEBI has come amid the increasing popularity of shares among Indian retail investors.
