Key Points
The Securities and Exchange Board of India last week barred Mohammad Nasiruddin Ansari and two other entities linked to him from the market and ordered them to refund 172 million rupees ($2.1 million) taken from followers..
Indias legion of financial influencers are once again under the spotlight as the countrys market regulator ramps up action against unregistered advisors dishing out investment tips on social media...
While retail trading boom during the Covid era has cooled in many parts of the world, the lasting rally in Indian equities since the depths of the pandemic has seen young investors turn to social media in droves for stock tips...
You may see more actions coming from the regulator in appropriate cases as Sebi is watching over finfluencers and their conduct, Manendra Singh, partner at Mumbai-based Economic Laws Practice said over phone..
In Ansaris case, Sebi said that he was inducing clients by assuring returns of as much as 600,000 rupees a month, while also guiding those who paid him for advice on real-time trades..
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