Baap of Chart Banned by SEBI, Forced to Return ₹17.20 Crore! Unbelievable!”

Advertisement

Advertisement

The Securities and Exchange Board of India (SEBI) has taken decisive action against Mohammad Naseeruddin Ansari, a financial influencer operating under the moniker ‘Baap of Charts.’ SEBI alleges that Ansari engaged in unethical practices within the securities market, making the following claims:

Misleading Educational Courses

SEBI has accused Ansari of offering trading recommendations under the guise of educational courses for which he charged fees. These courses were presented as educational, but in reality, they were centered around trading advice.

Baap of Chart Banned
Baap of Chart Banned

Deceptive Promotions

Furthermore, Ansari is alleged to have enticed customers and investors to purchase his courses and workshops through misleading or false information. The regulatory body contends that these practices were aimed at attracting individuals to his offerings, promising them substantial profits with near certainty if they followed his recommendations.

Also Read:

Advertisement

Advertisement

Blue Jet Healthcare IPO GMP Price Today, Details, Date

The Ban and Fine

As a result of these allegations, SEBI has taken decisive action against Ansari. Here’s a summary of the regulatory measures:

  • Ban from Securities Market: SEBI issued an interim order on October 25, prohibiting any participation in the stock market by Mohammad Naseeruddin Ansari.
  • Financial Penalty: Ansari has also been ordered to deposit a substantial fine of Rs 17.2 crore, representing earnings obtained unethically in the market.

Baap of Charts’ Online Presence

‘Baap of Charts’ maintained a significant online presence, with over 443,000 subscribers on YouTube and 83,000 followers on the X platform (formerly Twitter). Ansari’s platform provided trading recommendations and courses, which were at the center of SEBI’s allegations.

SEBI’s Detailed Investigation

In a detailed order, SEBI highlighted the extent of Ansari’s activities across various social media platforms and attached screenshots of his conversations with clients. The regulatory body contends that Mohammad Naseeruddin Ansari illicitly amassed more than ₹17.20 crore through fraudulent and unregistered investment advisory activities.

This action by SEBI serves as a clear message about the importance of ethical practices and transparency within the securities market.

Leave a Comment

Tata Technologies share price target 2023 आज खुलने जा रहा है सरकारी कंपनी का IPO, दाम 50 रुपये से भी कम,