Baap Of Chart in SEBI's grip, financial influencer banned and fined Rs 17.20 crore

The stock market regulator Securities Exchange Board of India (SEBI) has banned Mohammad Naseeruddin Ansari. Let us tell you that Mohammad Naseeruddin Ansari is a financial influencer. He is called 'Baap of Chart' on social media. A complaint was filed against them.

SEBI issued an interim order on Wednesday 25 October 2023 regarding this complaint. In this order, SEBI banned Mohammad Naseeruddin Ansari. He cannot do any kind of deal in the share market. Along with this, he will also have to deposit Rs 17.2 crore.

SEBI's whole-time director Ananth Narayan has issued the order. He said in the order that the clients are lured by promising them strong returns in the stock market. Naseeruddin Ansari has more than 4 lakh followers on YouTube channel and more than 70,000 followers on X. He ran an unregistered investment advisory.

SEBI has conducted the examination in this matter from January 2021 to July 2023. SEBI has issued this order only after this investigation. SEBI had issued a 45-page interim order.

SEBI said that Naseeruddin Ansari used to call himself a stock market expert on many social media. He asks his followers to register for education courses. Apart from this, he also deceives the investors by giving them huge profits in the stock market. He also used to give training courses on his social media.

Now after the order of SEBI, Naseeruddin Ansari cannot do any kind of direct or indirect deal. Apart from this, they will have to deposit Rs 17.2 crore in the escrow account within 15 days. If they do not do so, SEBI takes strict action against them.