SEBI Bars ‘Baap of Chart’ Nasiruddin Ansari, a Finfluencer, for Misleading Investors In a significant move to protect investors and maintain the integrity of the securities market, the Securities and Exchange Board of India (SEBI) has barred Nasiruddin Ansari, popularly known as the ‘Baap of Chart,’ from participating in the securities market. This action follows allegations that Ansari provided financial advice on social media, promising guaranteed returns to investors while allegedly misleading and influencing them with false information.
SEBI’s investigation revealed that Ansari engaged in fraudulent activities, creating an illusion of unrealistic profits through his advice in an attempt to attract uninformed investors. The regulatory body has taken stern action, ordering Ansari to repay a staggering amount of Rs 17.2 crore, representing the estimated losses incurred by investors who followed his advice.
Ansari’s moniker, the ‘Baap of Chart,’ was synonymous with his online persona, where he shared insights and recommendations related to the securities market. His influence on social media platforms and the allure of guaranteed returns were instrumental in attracting a significant following of investors who sought to capitalize on his apparent expertise.
However, SEBI found that Ansari’s financial advice was built on shaky ground. His recommendations, often steeped in unverified information and dubious claims, led to unsuspecting investors suffering financial setbacks. The regulatory body’s decision to bar Ansari and impose a substantial repayment order is aimed at preventing further harm to the investing public.
SEBI’s actions are in line with its mission to safeguard investors and maintain the integrity of the securities market. It sends a clear message that misleading investors with false promises and fraudulent activities will not be tolerated. The regulatory body’s vigilance and commitment to maintaining trust in the financial markets are essential for the long-term well-being of investors and the broader financial ecosystem.
In the wake of this development, it is crucial for investors to exercise due diligence when seeking financial advice, especially from influencers on social media. SEBI advises investors to verify the credentials and claims of individuals offering financial guidance and to be cautious about investments that appear too good to be true. Staying informed and making informed decisions is the best approach to navigating the complex world of finance and investment.
Last Updated on: Thursday, October 26, 2023 10:46 am by Anu Priya | Published by: Anu Priya on Thursday, October 26, 2023 10:46 am | News Categories: GENERAL, Business, News
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