SEBI Bans ‘Baap Of Chart’, Orders Him To Pay ₹17 Crore

In a recent development, the Security Exchange Board of India (SEBI) has banned social media influencer, Mohammad Nasiruddin Ansari from trading in securities. Mohammad Ansari is a social media influencer who goes by the name of ‘Baap Of Chart’. He used to offer trading advice to people on X (formerly known as Twitter).  On top of that, SEBI has also ordered Ansari to deposit ₹17 crore to an Escrow account because all of this money comes from ‘Unlawful gains’. 

“Notices shall cease and desist from acting as or holding themselves out to be investment advisors, whether using ‘Baap of Chart’ or otherwise. They shall cease to solicit or undertake such activity or any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever,” SEBI said in its order citing the situation. SEBI is the stock market regulating organisation of the Indian government. It deals with everything, from fraud to the approval to the launching of an IPO. 

According to the Security Exchange Board of India, Mohammad Nasiruddin Ansari promoted himself as a stock market expert on an array of social media platforms and lured many investors to buy the so-called ‘educational course’ offered by him. Ansari baited investors, by assuring high profits if investors bought his educational course and followed his advice. 

In the order issued by SEBI, they mentioned all the platforms where Ansari used to offer his courses and even released screenshots of his chats with his customers. After analysing the screenshots and bank details, the regulator came to the conclusion that Ansari had earned more than ₹17 crore from fraudulent and unregistered trading advisories. 

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