The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings worth nearly ₹18 crore against stock market influencer Mohammad Nasiruddin Ansari, widely known as ‘Baap of Charts’, along with Rahul Rao Padamati and Golden Syndicate Ventures Pvt. Ltd. The move comes after the entities failed to comply with earlier regulatory orders and did not pay penalties imposed on them.
SEBI had earlier found that Ansari and his associates were offering investment advice and stock trading recommendations without mandatory registration. Through social media platforms, paid courses, and online groups, they allegedly promised high returns to investors, which is a violation of securities market regulations meant to protect retail participants.
According to the regulator, the recovery amount includes penalties, interest, and additional charges arising from earlier enforcement orders. As part of the recovery process, SEBI has directed banks and depositories to freeze accounts and assets linked to the defaulters. The regulator has also restricted them from selling or transferring any movable or immovable property until the full amount is recovered.
SEBI noted that the funds currently available in the bank accounts of the individuals and the company may not be sufficient to cover the total dues. Therefore, it has invoked recovery mechanisms similar to those used for tax arrears, including attachment of assets and possible sale if payments are not made.
This action is part of SEBI’s intensifying crackdown on unregulated finfluencers, who have gained popularity on social media by offering market tips without accountability or oversight. The regulator has repeatedly warned investors to be cautious of online personalities who are not registered investment advisers or research analysts.
Over the past year, SEBI has taken several steps to curb misleading financial content, including issuing advisories, imposing penalties, and tightening disclosure norms for social media influencers promoting financial products.
Market experts say such enforcement actions send a strong signal that regulatory compliance is non-negotiable, regardless of an individual’s online following or popularity. SEBI has reiterated that only registered entities are permitted to provide investment advice and that violations will attract strict action to safeguard investor interests.
The recovery proceedings underline SEBI’s message that financial influencers operating outside the regulatory framework will face serious consequences, especially when investor money and trust are at stake.
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