SEBI has imposed a ban on Mohammad Nasiruddin Ansari, who operates under the social media alias 'Baap of Chart', from participating in the securities market.
Ansari, who presented himself as a stock market expert on various platforms, used to provide buy/sell recommendations in the stock market.
Following the ban, SEBI has directed Ansari to deposit approximately Rs 17.20 crore in an escrow account, identifying these as unlawful gains from his 'educational courses' on the markets.
The market regulator observed that Ansari lured investors to sign up for his courses and persuaded them to invest in the securities market, promising almost certain profits if they followed his advice.
SEBI's detailed order highlighted the platforms where Ansari offered his courses and even included screenshots of his interactions with clients.
The regulator stated that Ansari amassed more than Rs 17.20 crore through these unauthorized and deceptive investment advisory activities.