Sebi orders finfluencer 'Baap of Chart' to refund fee collected from investors
financial influencers, capital market regulator Sebi has cracked down on Baap of Chart, a popular social media influencer in the trading community, and asked its operators to refund investors who had availed advisory services.
In its order, the regulator barred Nasiruddin Ansari and his associates, who operated the Baap of Chart platform, from accessing the securities market for allegedly providing unregistered investment advisory services and violating market regulations.
Sebi has also asked Ansari and associates to open an escrow account and deposit Rs 17 crore, which will be used only for refunding investors/ complainants who had availed the investment advisory services.
The repayments to the investors will be effected only through bank transfers with audit trails to identify the beneficiaries of repayments.
The regulator further said the Baap of Chart and associates will issue a public notice in all editions of two national newspapers (one English and one Hindi) and in one local newspaper in vernacular language with wide circulation, detailing the modalities for making the claim for refund, including the details of contact person such as name, addresses and contact details. This should be done within 15 days of the order.
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