Explained: Who is Baap of Chart and why is Sebi cracking down against finfluencers

Posted on:
Key Points

Sebi received a complaint against Ansari claiming that he has been looting retail traders by showing assured returns..

Ansari, who calls himself the Baap of Chart, on social media, has about 4.4 lakh followers on YouTube and more than 7 crore views..

Markets regulator Sebi's decision to ban Mohammad Nasiruddin Ansari from the securities market and impound alleged illegal gains worth Rs 17.2 crore has once again turned the spotlight on finfluencers posing as gurus on social media platforms..

"The theatrics and showmanship in the trailer videos on YouTube issued by Md Nasir/BoC appear to be aimed at creating an illusion of unnatural returns by drawing in gullible and uninformed viewers to join his classes thereby inducing them to trade in the securities market," the regulator said.. Sebi found that contrary to Nasir's claims that he had been making profits of 20-30%, he had incurred a net trading loss amounting to Rs 2.89 crore from January 1, 2021 July 7, 2023...

"It is prima facie concluded that Noticees have collected an amount of Rs 17.2 crore during the period January 2021 July 2023 by luring clients/investors through misleading/false information to purchase his courses/workshops, adding them in their closed groups and inducing/influencing them to deal in securities," Sebi said in its order and asked Baap of Chart (BoC) to open an escrow account with a scheduled commercial bank and deposit the impounded amount within 15 days...

You might be interested in

Sebi shows finfluencer ‘Baap of Chart’ who's the big daddy of Dalal Street

25, Oct, 23

Sebi observed that the finfluencer was promoting himself as a stock market expert on various social media platforms and luring investors to enrol for various ‘educational courses offered by him and induced them to invest in securities market by convincing them about the prospect of making profits with near certainty if the recommendation is followed.