Sebi Cracks Down on Asmita Patel for Unregistered Investment Services

The Securities and Exchange Board of India (Sebi) has banned six entities, including Asmita Patel Global School and financial influencer Asmita Patel, from capital markets for allegedly offering unregistered investment advisory services. They are ordered to disgorge over Rs 53 crore collected as course fees and justify additional collections of Rs 104.63 crore.

The Securities and Exchange Board of India (Sebi) has imposed a ban on six entities, including the Asmita Patel Global School and renowned fin-influencer Asmita Patel, from participating in capital markets. This decision comes amid allegations of unregistered investment advisory services.

Sebi's interim order has asked these entities, among them Asmita Patel and Jitesh Jethalal Patel, to return over Rs 53 crore accumulated as fees from course participants. The order further demands justification for an additional Rs 104.63 crore collected from various programs.

The investigation revealed that Asmita Patel was involved in misleading investors with inflated profit promises and sought fees for insufficient trading education. Despite these findings, Sebi clarified that the current order is provisional and allows the entities to defend themselves.

(With inputs from agencies.)