SEBI shows finfluencer ‘Baap of Chart’ who’s the real big daddy of Dalal Street

Finfluencer “Baap of Chart” (AKA Mohammad Nasiruddin Ansari) is in hot water with a jaw-dropping fine of Rs. 17.2 crore slapped on by regulator SEBI.
With more than 5 lakh followers, Ansari had a bull run on social media, promising “educational” courses on how to make moolah, all without a SEBI registration. In case you didn’t know, SEBI (Securities and Exchange Board of India) is the big boss when it comes to stock market regulations.

Fast forward to October 26, and SEBI dropped a bombshell, banning Baap of Chart from the stock market and dishing out that mind-blowing fine. Ansari has been accused of leading folks down the garden path with misleading info, selling pricey courses, and making them dabble in stocks without a SEBI nod.

It turns out Ansari was playing the role of an investment advisory, telling people which stocks to buy or sell, all without the required SEBI registration.

But wait, there’s more! SEBI didn’t just single out Ansari; they put two other characters in the spotlight: Golden Syndicate Venture Private Limited (GSVPL) and Rahul Rao Padmavati. These two entities were also banned from monkeying around in the stock market, and the cash they collected? Yup, SEBI’s got its eyes on that too!

Now, let’s get to the nitty-gritty. Baap of Chart claimed to be an “auto trading software” for the Indian futures and options market, bragging about a 95% profit accuracy. Sounds amazing, right? Well, not according to SEBI.

SEBI revealed that Ansari is the brains behind Baap of Chart and that his social media game was strong, with over 4.43 lakh subscribers on YouTube and 53,000 more on Telegram. He posted videos like “Bas 5 minutes me Sureshot Profit Kro | 3 Pm Strategies” and “Power of Trading | How to make 5 to 10 Lakhs every Month.” These videos promised quick cash and consistent returns through trading.

Ansari went as far as to guarantee profits through the strategies he taught in his courses. SEBI even received a complaint from someone who claimed they had to shell out Rs. 6,000 for one of his strategies. Screenshots of the WhatsApp group run by Ansari supported SEBI’s findings that he was luring people into investing by promising profits.

While Baap of Chart’s website did have a disclaimer, SEBI wasn’t impressed, calling it “ambiguous.” In the finance world, that’s like red flashing lights.

And here’s the kicker – this isn’t the first time SEBI has reined in a “finfluencer” for playing fast and loose with unregistered investment advice. SEBI also went after another finfluencer PR Sundar earlier this year, slapping him with a hefty Rs. 6 crore penalty and banning him from trading. SEBI’s taking a stand, reminding all the wannabe financial gurus out there that they mean business when it comes to regulating the investment world.