"Baap Of Chart" Banned From Market, Ordered By SEBI To Refund $2.1 Million
NDTV
In their investigation, SEBI found Mohammad Nasiruddin Ansari gave stock recommendations in the garb of providing educational training.
Market regulator SEBI barred a popular influencer on social media from securities trading and ordered him to refund Rs 17.2 crore rupees collected from followers after its investigation found he gave stock recommendations in the garb of providing educational training.
The action by the Securities and Exchange Board of India follows a growing clamor on social media platforms like X, formerly known as Twitter, for a crackdown on so-called finfluencers amid concerns over the viability of their claims of making profit through trading strategies that they communicate to their followers.
In an interim order Wednesday, the regulator banned Mohammad Nasiruddin Ansari, who operated on social media in the name of "Baap of Chart," from buying, selling or dealing in securities. It also barred an individual and a firm linked to Ansari.
