The regulator has asked the influencer, his partner and a private firm with which they are associated to refund the fees collected for online trading courses and slapped heavy restrictions on all concerned.
Even by SEBI’s standards, its action against Mohammad Nasiruddin Ansari, an influencer who goes by the handle Baapofchart across X (Twitter), Facebook, Instagram, YouTube and Telegram, was quick.
The regulator received a complaint on 29 June from someone who had paid Rs 6,000 to the influencer to learn lessons on trading and announced its interim order on 25 October, taking just four months to make up its mind. Justifying its haste, SEBI said it was to prevent “the continuation of any further fraudulent or unregistered activities in the interest of investors”.
Ansari’s main business is teaching a few online courses …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai