Sebi bans Baap of Chart from securities market, orders refund of ₹17.20 crore in unlawful gains

“Noticees shall cease and desist from acting as or holding themselves out to be investment advisors, whether using ‘Baap of Chart’ or otherwise. They shall cease to solicit or undertake such activity or any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever,” the market regulator said in its order.

“The proceeds in the bank accounts of the Noticee Nos. 1, 2, and 5, to the extent of illegal gains mentioned in para 32 above shall be impounded, jointly and severally. Further, the Noticee Nos. 1, 2, and 5 are directed to open an escrow account with a scheduled commercial bank and deposit the impounded amount mentioned therein within 15 days from the date of service of this Order. In the said escrow account, a lien shall be created in favor of SEBI. Further, the monies kept therein shall not be released without permission from SEBI,” the order said.

Promoted himself as stock market expert

Sebi said that it observed that Mohammad Nasiruddin Ansari promoted himself as a stock market expert on various social media platforms and lured investors to enroll in various ‘educational courses’ offered by him. He induced them to invest in the securities market by promising them the prospect of making profits with near certainty if the recommendation or advice was followed.

In a detailed order, the market regulator mentioned all the platforms where Mohammad Nasiruddin Ansari was offering his various courses and even attached screenshots of his chats with his clients. Sebi said that Mohammad Nasiruddin Ansari has collected more than ₹17.20 crore through such fraudulent and unregistered investment advisory activities.

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Updated: 25 Oct 2023, 07:57 PM IST