Sebi Cracks Down on 'Baap of Chart': Unregistered Investment Advisory Scandal Exposed

The markets regulator, Sebi, has taken action against seven entities, including Mohd Nasiruddin Ansari, for running unauthorized investment advisory services under 'Baap of Chart.' Sebi has imposed fines, ordered refunds of Rs 17.2 crore, and banned them from the market for unregistered advisory services promising unrealistic returns.

In a decisive move against unauthorized investment advisors, the Securities and Exchange Board of India (Sebi) on Monday imposed restrictions on seven entities, including Mohd Nasiruddin Ansari, operating under the guise of 'Baap of Chart.'

This crackdown comes as part of Sebi's efforts to sanitize the securities market from unregistered advisors who promise unrealistic returns. These entities have been fined, ordered to refund Rs 17.2 crore, and faced market bans ranging from six months to a year.

Ansari, a prominent figure behind 'Baap of Chart,' used pseudonymous social media profiles to disseminate misleading investment advice, drawing unknowing investors into the market. Sebi's decisive actions are a warning against such fraudulent activities aimed at defrauding investors of their hard-earned money.

(With inputs from agencies.)