SEBI Bans Big "Finfluencers for Misleading Investors"

SEBI has banned numerous renowned financial influencers, such as Ravindra Balu Bharti and Nasiruddin Ansari, for allegedly providing misleading investment advice to people. Financial influencers are those who use social media to provide advice, ideas, and insights on personal finance, investing, and other financial matters. These influencers often aim to educate and inspire their audiences to make informed financial decisions.

The authority also banned over 15,000 'content sites' by unlicensed financial influencers to protect investors. The regulatory body's campaign aims to protect consumers from untrustworthy and risky financial advice.

Ansari, using the username “Baap of Chart,” was active on X (formerly Twitter), where he gave stock trade recommendations. The market watchdog ordered Ansari and his team to create a secure account and deposit Rs 17 crore. This money will be used to compensate clients who lost money due to his misleading investment advice.

The investigation found that some financial influencers were secretly promoting certain stocks in exchange for money from companies. As a result, three other investment advisors and influencers—Shubhangi Ravindra Bharti, Rahul Anant Gosavi, and Dhanashri Chandrakant Giri—have been suspended from trading stocks.

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