SEBI bans influencer ‘Baap of Chart’ from securities market, orders refund of Rs 17.2 crores
‘Baap of Chart’ runs a profile on ‘X’ where he used to offer buy/sell recommendations in the stock market
Stock market regulator, Securities Exchange Board of India (SEBI) has banned Mohammed Nasiruddin Ansari, aka ‘Baap of Chart’ a finance influencer from the securities market. Ansari runs a profile on the microblogging platform ‘X’ by the name of ‘Baap of Chart’ where he used to offer buy/sell recommendations. Apart from banning him, SEBI also ordered him to refund an amount of 17.2 crores to an escrow account as the money he earned was an unlawful gain through an educational course on markets.
“Noticees shall cease and desist from acting as or holding themselves out to be investment advisors, whether using ‘Baap of Chart’ or otherwise. They shall cease to solicit or undertake such activity or any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever,” the market regulator said in its order.
“The proceeds in the bank accounts of the Noticee Nos. 1, 2, and 5, to the extent of illegal gains mentioned in para 32 above shall be impounded, jointly and severally. Further, the Noticee Nos. 1, 2, and 5 are directed to open an escrow account with a scheduled commercial bank and deposit the impounded amount mentioned therein within 15 days from the date of service of this Order. In the said escrow account, a lien shall be created in favor of SEBI. Further, the monies kept therein shall not be released without permission from SEBI,” the order from SEBI said.
SEBI also said that the profile ‘Baap of Chart’ was promoting himself as a stock market expert and lured investors to enroll into his educational courses. They also said that he induced people to invest in the market by promising them of making profit with near certainty if his recommendation was followed. In a detailed order, the market regulator mentioned all the platforms where Mohammad Nasiruddin Ansari was offering his various courses and even attached screenshots of his chats with his clients. They said that Ansari has earned Rs 17.2 crores through such fraudulent and unregistered investment advisory activities.
