Ziya
Share
The Securities and Exchange Board of India has launched recovery proceedings against social media influencer Mohammad Nasiruddin Ansari who is popularly known as Baap of Charts for his failure to pay the directed penalty and disgorgement amount. The market regulator is moving to recover dues exceeding seventeen crore rupees which were accumulated through unregistered investment advisory services offered to common investors. This crackdown involves the attachment of bank accounts as well as demat accounts and mutual fund holdings belonging to the finfluencer to ensure the funds are retrieved. SEBI initiated this step because Ansari failed to comply with the earlier order that required him to refund the illegal gains he made by providing stock recommendations disguised as educational courses. The authorities have instructed banks and depositories to freeze the debits from his accounts while allowing credits to ensure the money is available for recovery. The regulator emphasized that the influencer misled clients with claims of guaranteed returns and acted without the necessary statutory registration. This move signifies a tightening noose around unregulated financial entities operating online and aiming to protect investor interests from fraudulent advisory schemes.
Read More: SEBI Initiates Recovery Proceedings Against Baap of Charts for 17 Crore Rupees Dues
