SEBI directs finfluencer to pay over ₹12 crore for unlawful gains after false claims of 1000% returns

livemint.com:

SEBI) has issued an order directing a financial influencer, or more popularly known as a finfluencer involved in stock market training to repay a sum exceeding ₹12 crore, earned unlawfully, as per an ANI report. The finfluencer in question — Ravindra Balu Bharti, has been instructed to transfer the funds to an interest-bearing Escrow Account established specifically for this purpose in a nationalised bank. SEBI's order states that the Escrow Account will hold the funds under a lien in favour of SEBI, and they cannot be released without SEBI's permission.

"Guaranteed returns up to 1000 percent is a clear case of abuse of investors' confidence in the securities market," the order stated, adding that investors were lured to take advisory services by the “false promise" of 25 to 1000 percent returns. Bharti and his wife Shubhangi Bharti founded Ravindra Bharti Education Institute (RBEIPL) in 2016. The unregistered investment advisory's main activities revolve around providing education and training related to stock market trading.

Bharti operates two YouTube channels, "Bharti Share Market Marathi" with 10.8 lakh subscribers and "Bharti Share Market - Hindi" with 8.22 lakh subscribers. SEBI's order highlights the abuse of investors' confidence through promises of guaranteed returns of up to 1000 percent, luring investors into taking advisory services with projected returns ranging from 25 to 1000 percent. Bharti served as a Director of RBEIPL from February 03, 2016, to October 03, 2023.