Market regulator Sebi on October 25 banned Youtuber Mohammad Nasiruddin Ansari from the securities market for providing unregistered investment advice, under the garb of education.
The Sebi has issued the punitive order against Youtuber Mohammad Nasiruddin Ansari, Rahul Rao Padamati and Golden Syndicate Ventures Pvt. Ltd. They have also been restrained from accessing the securities market for now.
Hyderabad-based finfluencer Mohammad Nasiruddin Ansari runs a profile on YouTube and X by the name of 'Baap of Chart', where he used to offer buy/sell recommendations in the stock market.
'Baap of Chart' describes itself as a medium where the market trading is made simple without any 'Chart and Bakwas'. In his own words, Mohammad Nasiruddin Ansari describes the platform as a channel that is based on various strategies related to index calls, which can be either hedging or unidirectional.
The YouTube channel of Nasir (@Baapofchart) has more than 4.43 lakh subscribers and more than 7 crore views while on X he has 78,000 followers.
'Baap of Chart' offers various courses, such as D 30 Strategy Option Buying, 360-Degree Expiry Strategy, and MSP (Make Sureshot Profit). These courses or market strategies are given out as lessons through videos that are uploaded on a weekly basis on YouTube.
'Baap of Chart' describes its training programme as a unique way of teaching retail trading which otherwise appears to be very complex and that common people fear.
In an interim order dated October 25, Sebi stated: “It is observed that Nasir is inducing clients/ investors by assuring profits/ returns of a minimum INR 3,00,000 and extending to 6,00,000 per month and also giving recommendation to buy. Further, it is also stated that upon payment for courses, Nasir will give dedicated support and guide everyone personally for live market transactions."
Sebi initiated a probe against Mohammad Nasiruddin Ansari for the period between January 1, 2021, and July 7, 2023, to ascertain whether he is engaged in offering investment advisory services without Sebi registration.
Sebi found that the notices earned around Rs 17.2 crore in about 18 months from such fraudulent activities. In its order, Sebi asked Mohammad Nasiruddin Ansari to deposit around Rs 17.20 crore in an escrow account as they are unlawful gains from his ‘educational courses’ on markets.