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SEBI orders finfluencer Ravindra Balu Bharti to cough up Rs 12 crore made through 'unlawful gains'
SEBI has asked Ravindra Balu Bharti and his wife Shubhangi Bharti to credit the money received for investment advisory services and has banned them from the securities market until further orders.
The complaints were filed by PF Digital Media Services (now DNEG India Media Services Ltd) and film producer Ravinder Walia.
A finfluencer who also used to run a stock-market training institute has been asked to cough up "unlawful gains" of over Rs 12 crore. The Securities and Exchange Board of India (Sebi) passed an interim order against an unregistered investment advisory named Ravindra Bharti Education Institute Private Ltd (RBEIPL), its former director Ravindra Balu Bharti and his wife Shubhangi Bharti, and current directors Rahul Ananta Gosavi and Dhanashri Chandrakant Gosavi.
SEBI's investigations so far suggest that a stock-market training institute was fronting an unregistered advisory and that an authorised person's office was enabling this unregistered advisory, Moneycontrol reported. An authorised person works for a stock broker to help the broker's client execute their trades.
Read More: SEBI guidelines and financial influencers: Do ‘finfluencers’ and their content need regulations?
The regulator has asked them to credit the money received for investment advisory services and has banned them from the securities market until further orders.
An interim order was passed by SEBI's WTM Kamlesh C Varshney because the regulator recognised an urgency to act, given the influence Ravindra Bharti has over a large number of investors. Bharti has two YouTube Channels named Bharti Share Market Marathi with 10.8 lakh subscribers and Bharti Share Market - Hindi with 8.22 lakh subscribers.
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