Nasiruddin Ansari, the sole owner of the company known as ‘Baap of Chart’ (BoC), created quite a stir in the world of stock market enthusiasts. He used social media to present himself as an expert on the stock market and encouraged people to join his “educational courses.” These courses promised almost guaranteed profits to those who followed their stock market investment advice.1
BoC Subscribers
Ansari’s presence on social media platforms was quite significant. Her YouTube channel @Baapofchart had over 4.43 lakh subscribers and over 7 million views. Apart from that, she managed a Telegram group/channel called ‘Baap Of Chart Option Hedging’, which has around 53,000 subscribers. Her and X’s Instagram accounts, ‘baapofchart’, amassed around 59,000 and 78,000 followers, respectively. Furthermore, her WhatsApp channel had more than 13,000 followers, which was no small feat.2
The money Ansari earned
Ansari managed to accumulate a significant sum of money through his stock market business. It collected a whopping Rs 13.78 crore from courses and workshops offered on Bunch’s platform and mobile apps.3 According to SEBI (Securities and Exchange Board of India), this total amount is considered fees received for fundraising activities. advice on fraudulent and unregistered investments.
Apart from the course fees, Ansari and BoC also collected Rs 3.42 crore through two UPI (Unified Payments Interface) IDs linked to their accounts at Kotak Mahindra Bank. These UPI IDs were widely promoted on their website and social media channels.
The fall
While Ansari’s rise to fame seemed meteoric, it didn’t take long for regulatory authorities to take notice of his activities. SEBI, India’s market regulator, concluded that Ansari’s actions did not comply with rules and regulations governing investment advice. They considered his activities to be fraudulent and unregistered.4
In response to these findings, SEBI has taken necessary legal action against Chart’s Nasiruddin Ansari and Baap. This case serves as a stark reminder that financial investments should be made with caution and that investors should always be vigilant when dealing with self-proclaimed experts who promise guaranteed returns.5
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Categories: Biography
Source: vtt.edu.vn