SEBI Update: After complaints received against financial influencers, SEBI has issued an interim order banning any kind of deal in the stock market.
SEBI Order: Stock market regulator Securities Exchange Board of India, SEBI, has banned Mohammad Naseeruddin Ansari, who used to call himself Baap’s Chart on social media, from dealing in the securities market. After complaints received against this financial influencer, SEBI has issued an interim order on Wednesday 25 October 2023, banning any kind of deal in the stock market. SEBI also ordered Naseeruddin Ansari to deposit Rs 17.2 crore earned unethically in the market.
SEBI’s whole-time director Ananth Narayan ji said in his interim order that under the guise of providing courses related to securities market, Nasir used to lure clients in private groups by giving them suggestions regarding shares and luring them with the promise of huge profits in the stock market. Was. Naseeruddin Ansari’s YouTube channel has 4.43 lakh subscribers while he has 78,000 followers on X (Twitter).
Mohammad Naseeruddin Ansari used to run an unregistered investment advisory.
According to SEBI, Naseeruddin Ansari used to present himself as a stock market expert on different social media platforms. He used to ask investors to enroll in his own educational courses related to the stock market. He also asked investors to invest in the stock market with the confidence that they would get huge profits. SEBI found in its investigation that from January 1, 2021 to July 7, 2023, it had suffered a trading loss of Rs 2.89 crore, whereas it claimed that it had made a profit of 20 to 30 percent.
Naseeruddin Ansari will no longer be able to do any kind of buying or selling deal directly or indirectly in the stock market till the next order of SEBI. SEBI has asked Baap of Chart to open an escrow account in any scheduled commercial bank and deposit Rs 17.2 crore within 15 days.
