SEBI has forbidden 'finfluencer' Mohammad Nasiruddin Ansari from trading. Know the entire reason for it.
The markets regulator Securities and Exchange Board of India (SEBI) on Wednesday barred renowned 'finfluencer' Mohammad Nasiruddin Ansari. Ansari is an internet influencer who provides financial advice and recommendations to ordinary investors.
Ansari allegedly promised ordinary investors that he would provide educational training related to the securities markets and misled them to deal in securities. He also made fake guaranteed return promises.
Who is Mohammad Nasiruddin Ansari?
Ansari is a so-called 'finfluencer' who owns a firm called 'Baap of Chart'. He allegedly promoted himself as a stock market expert on various social media platforms and asked various investors to enrol in his educational courses.
SEBI found that Ansari was providing stock market recommendations through various social media platforms such as YouTube, X, Instagram, WhatsApp, and Telegram. He offered 'educational courses' through a website and apps available on the Google Play store and Apple's app store.
SEBI has even asked Ansari to pay the Rs 17.2 crore that he has earned by misleading gullible investors. As per SEBI, Ansari was selling 19 courses relating to the securities market. Four of these courses by Ansari even assured investors of guaranteed returns.
The YouTube channel of Ansari (@Baapofchart) has over 4.43 lakh subscribers and 7 crore plus views. He also runs a Telegram group/channel called Baap Of Chart Option Hedging, which has nearly 53,000 subscribers. The Instagram and X accounts of ‘baapofchart’ have around 59,000 and 78,000 followers respectively, SEBI said. His WhatsApp channel has more than 13,000 followers.