Market regulator SEBI barred a popular influencer on social media from securities trading and ordered him to refund Rs 17.2 crore rupees collected from followers after its
investigation found he gave stock recommendations in the garb of providing educational training.
In an interim order Wednesday, the regulator banned Mohammad Nasiruddin Ansari, who operated on social media in the name of “Baap of Chart,” from buying, selling or dealing in securities. It also barred an individual and a firm linked to Ansari.
“It is observed that Nasir is inducing clients/ investors by assuring profits/ returns of a minimum 3,00,000 rupees and extending to 6,00,000 rupees per month and also giving recommendation to buy,” Sebi said in the order. The regulator added that its investigation found Nasir would offer support and guidance to those who paid him for ‘live market’ transactions.