The Securities and Exchange Board of India (SEBI) has taken action against social media influencers who provide financial advice without the necessary knowledge or experience. In a significant move, SEBI recently banned a finfluencer named Mohammad Nasiruddin Ansari, also known as ‘Baap of Chart,’ along with two others from the securities market. Ansari allegedly attracted novice investors through his social media accounts and encouraged them to enroll in courses on his application. Once enrolled, investors were invited to a private chat group where stock recommendations were provided. SEBI has ordered Ansari to refund $2.1 million collected from his followers and noted that his disclaimer of providing educational information did not absolve him of wrongdoing. SEBI has also proposed regulations for finfluencers, requiring them to register with SEBI and disclose their credentials. The regulatory body has prohibited associations with unregistered entities and outlined the roles and responsibilities of Investment Advisors and Research Analysts. Despite SEBI’s actions, many finfluencers have remained silent on the matter. CoinChapter reached out to several top finfluencers, but none of them displayed their SEBI certification numbers on their social media platforms.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇮🇳 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Sharan Hegde, Rahul Rao Padamati, Neha Nagar, Mohammad Nasiruddin Ansari, Raj Shamani |
| Companies | Baap of Chart, Golden Syndicate Ventures, Securities and Exchange Board of India, Investment Advisors, Research Analysts, Advertising Standards Council of India |
| Currencies | None |
| Securities | None |
