New Delhi: The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings amounting to ₹18 crore against stock market influencer Mohammad Nasiruddin Ansari, popularly known as ‘Baap of Charts’, and his associated entities. The action follows findings of unregistered investment advisory activities, misleading claims made to investors, and continued non-compliance with regulatory orders.
Along with Ansari, the recovery action also covers Rahul Rao Padamati and Golden Syndicate Ventures Pvt. Ltd. According to SEBI, the outstanding amount includes penalties, interest, recovery costs and other statutory charges, taking the total liability to approximately ₹18 crore.
Failure to Comply With Demand Notice
SEBI had issued a demand notice on May 29, 2025, directing the concerned parties to clear the dues within 15 days. However, despite the lapse of the stipulated period, the amount remained unpaid.
Subsequently, SEBI’s Recovery Officer issued an Attachment Order on July 8, 2025, initiating coercive recovery measures. Under this order, all demat accounts, mutual fund investments and bank accounts held by the defaulters have been frozen. Separate directions were also issued to banks to restrict access to lockers, preventing any movement or concealment of assets.
Allegations of Misleading Investors Through Social Media
SEBI’s investigation revealed that Ansari extensively used social media platforms to project himself as a stock market expert. He promoted multiple paid courses and training programmes, allegedly using language and representations that created an impression of assured or near-certain profits for followers acting on his recommendations.
The regulator held that such activities clearly fall under investment advisory services, which require mandatory registration with SEBI. Providing such advice without authorisation constitutes a direct violation of securities laws, the regulator said.
Market Ban Imposed in 2023
SEBI had earlier, in 2023, barred Ansari from accessing or participating in the securities market. The regulator had then concluded that he was offering investment advice without registration and misleading retail investors.
Despite the ban, the continuation of alleged activities and failure to clear regulatory dues prompted SEBI to initiate the present recovery proceedings.
Non-Compliance With SAT Directions
In a related development, Rahul Rao Padamati had been directed by the Securities Appellate Tribunal (SAT) on September 9, 2025, to deposit ₹1.20 crore, representing 50% of the amount he had received. The tribunal had granted a four-week window for compliance.
SEBI noted that the SAT order was not complied with, leading to recovery measures being extended to Padamati’s assets as well.
Restrictions on Movable and Immovable Properties
Citing insufficient balances in bank accounts, SEBI has restrained the accused from selling, transferring or dealing with any movable or immovable properties. Mutual fund houses have also been instructed to redeem units held by the defaulters and transfer the proceeds directly to SEBI as part of the recovery process.
Strong Regulatory Signal
SEBI’s action is being seen as a strong warning to finfluencers and unregistered market advisers operating on digital platforms without regulatory approval. The regulator reiterated that investor protection remains paramount and violations of securities laws will attract stringent enforcement.
The case also serves as a reminder to investors to rely only on SEBI-registered advisers and to exercise caution against social media-based claims promising quick or guaranteed returns.
