Why did SEBI forbid ‘Baap of Chart’ owner Mohammad Nasiruddin Ansari from trading?

Market regulator Securities and Exchange Board of India (SEBI) has barred social media influencer and self-proclaimed stock market expert Mohammad Nasiruddin Ansari from securities trading. SEBI also asked Ansari, who owns a firm called 'Baap of Charts', to refund   ₹17.2 crore collected from his followers.

The market regulator initiated action after a preliminary investigation found that Ansari gave stock recommendations while misleading the traders in the guise of offering educational trading.  In an interim order issued on Wednesday, October 26, the regulator banned Ansari and a firm linked to him from buying, selling or dealing in securities.

Ansari, a prominent financial influencer, owns and operates a firm called ‘Baap of Chart' (BOC), in which he is a sole proprietor and recommends which stocks to buy, sell and deal in the securities market.