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SEBI tightens grip around finfluencers; takes action against Mohammad Nasiruddin Ansari
Mohammad Nasiruddin Ansari allegedly provided investment advisory services without the required registration.
The complaints were filed by PF Digital Media Services (now DNEG India Media Services Ltd) and film producer Ravinder Walia.
On October 25, finfluencer and educator Mohammad Nasiruddin Ansari, who has a strong social media presence on platforms like Telegram, YouTube and X has been banned by SEBI for providing investment advisory services without the required registration.
Popularly known as ‘Baap of Chart’, he also has to refund Rs 17.20 crore, which as per SEBI’s order was earned through ‘illegal advisory service’. As mentioned by SEBI, under the guise of educational training pertaining to the securities market, Ansari was providing stock recommendations.
Additionally, he convinced investors to enroll in his courses which were provided through the ‘Baap of Chart’ application. The courses stressed upon strategies for investing in the securities market. This was followed by guaranteeing a certain yet a consistent profit, stated the media report. Once the investor proceeds ahead to purchase the course, he or she becomes a part of a private chat group. The chat group provides recommendations on ‘buy’ and ‘sell’ in the domain of securities.
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