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India’s capital markets regulator has barred social media influencer Mohammad Nasiruddin Ansari, operating under the handle ‘Baap of Chart’, from accessing the securities market.
Ansari has been restricted from buying, selling or dealing in securities, both directly or indirectly, after the Securities and Exchange Board of India (Sebi) found that he was indulging in unregistered investment advisory activity and was giving stock recommendations under the pretext of providing education in trading.
Sebi also ordered the disgorgement of Rs172 million (Dh7.6 million) from Ansari for allegedly misleading investors with false information regarding courses/workshops.
In an interim order released on Wednesday, Sebi said, “It is observed that Nasir is inducing clients/investors by assuring profits/returns of a minimum Rs3 lakh (Rs300,000) and extending to Rs6 lakh (Rs600,000) per month and also giving recommendation to buy.”
Sebi added that its probe found Nasir offering support and guidance to those who paid him for “live market” transactions.
Ironically, the Sebi analysis also showed that ‘Baap of Chart’, along with its proprietor Nasir, lost nearly Rs3 crore (Rs30 million) in a 2.5-year period (January 2021 –July 2023) by trading in the stock market.
Ansari’s ‘Baap of Chart’ has been quite popular on platforms like X (formerly Twitter), Instagram, YouTube, WhatsApp and Telegram. His YouTube channel has more than 440,000 subscribers, while 83,000 accounts follow him on X.
According to a report by the Indian Express, Ansari is a sole proprietor of the firm ‘Baap of Chart’. He calls himself a stock market expert on social media and promotes his ‘educational courses’ to investors offered through a website and mobile apps made available via Bunch Microtechnologies Pvt. Ltd.
According to an India Today report, he offered a total of 19 courses related to the securities market, with four of them promising assured returns to investors. Ansari also facilitated real-time communication with his students through chat functionality available on the Bunch platform.
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