The Securities and Exchange Board of India (SEBI) has directed Baap of Chart—a widely-followed but unregistered investment advisory platform—and its operators to repay a whopping INR 18.41 Crore, including penalties, interest, and investigation costs. The order names Mohammad Nasiruddin Ansari, Rahul Rao Padmati, and Golden Syndicate Ventures Private Limited as the main defaulting parties. The platform had gained a strong foothold among retail investors on social media.
SEBI’s directive follows repeated warnings requiring them to cease operations and return customer funds—warnings that went unheeded. As a result, SEBI escalated to recovery notices, freezing their bank and demat accounts. Notices were issued to Ansari (INR 21.21 Lakhs), Jadav Vamsi (INR 1236053/-), and Rahul Padmati (INR 2.19 Lakh). If funds aren’t paid voluntarily, SEBI may seize or auction assets.
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Social Media Star Crosses Legal Line
Baap of Chart built its popularity by showcasing financial market tips, stock breakdowns, and class-like investor sessions. However, SEBI found that from January 2021 to July 2023, Ansari enticed clients with promises of “better returns” and concealed trading losses totalling INR two crore eighty-nine lakh. Operating without the required SEC-registered advisor license, the platform deceptively raised money via course fees and trading services promotions. A YouTube trailer further helped lure users into its network.
This crackdown is part of SEBI’s broader effort to rein in “finfluencers”—individuals offering market advice without proper credentials. Earlier this year, the regulator raided Avadhut Sathe’s Karjat Trading Academy for allegedly colluding with penny-stock promoters.
Why Investor Protection Matters
This case highlights the blurred boundaries between informal education and financial advice. In the absence of regulation, retail investors face serious risks when influencers offer ideas without disclosure or liability. SEBI’s actions send an important message: advice that affects portfolios—and people’s savings—must come with oversight.