Sebi order against baapofchart (Md Nasir and associates) lays bare the modus operandi

Discussion in 'Must-Read Interviews, Articles & News Items' started by Vidhi Khanna, Oct 25, 2023.

  1. Vidhi Khanna

    Vidhi Khanna Active Member Staff Member

    Mar 19, 2015
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    Today's Sebi order against baapofchart (Md Nasir and associates) for the first time lays bare the modus operandi of finfluencers offering unregistered investment advisory disguised as educational courses. Here's a quick summary:

    1) Baap of Chart has 4.43 lakh subscribers and 7 crore views on Youtube. Also large following on other social media platforms.
    2) After charging money for 'educational courses', investors were invited to join private groups where trading calls were given
    3) Videos with titles like Bas 5 minutes me Sureshot Profit Kro and claims of 95% accuracy were used to entice investors
    4) The Noticees earned a sum of Rs 17.2 crore in about 18 months from this activity
    5) The noticees claimed that trading was their main business and finfluencing was a side business. Actually, they made a loss of 2.89 crore in trading and compensated for it from these courses (17.2 crore revenue)
    6) Sebi has impounded the illegal gains made and ordered an immediate stoppage of this activity

    My guess is that this is just the tip of the iceberg on finfluencer courses. More Sebi orders will follow. But this is a GREAT first step. By Neil Borate of Mint

    Download SEBI's order