India's capital markets regulator, the Securities and Exchange Board of India (Sebi), has escalated its crackdown on unregistered financial influencers by initiating stringent recovery proceedings against prominent finfluencer Mohammad Nasiruddin Ansari and his firm. Ansari, known online as 'Baap of Charts' (BoC), and his company Golden Syndicate Ventures face dues of ₹21 lakh and a staggering ₹17.90 crore, respectively.
The Crackdown and Charges
The latest order, dated 15 December, marks a new phase in a legal battle that began in 2023. Sebi had previously banned Ansari from securities market trading after uncovering significant violations. The regulator found that under the 'Baap of Charts' brand, Ansari was misleading investors by promising guaranteed returns through educational training programs related to the stock market. Crucially, he was providing investment advisory services without the mandatory Sebi registration, primarily via social media platforms, thereby breaching the Sebi (Investment Advisers) Regulations, 2013.
Further investigations revealed that Ansari and his team had concealed substantial trading losses of around ₹3 crore incurred over two and a half years from their clients. This lack of transparency formed a core part of the regulatory action against him.
Attachment of Properties and Bank Directives
With the dues remaining unpaid, Sebi has now moved to attach the assets of the defaulters. The regulator's recovery officer had, on 22 August 2025, directed banks to remit all available funds from the defaulters' accounts to Sebi. Mutual funds were also instructed to redeem units held in the names of Ansari and his firm and transfer the proceeds.
However, Sebi's 15 December order states that the amounts realized from bank accounts are insufficient to cover the massive dues. Consequently, the regulator has taken a more severe step. It has prohibited the defaulters from disposing of, transferring, or charging any of their movable or immovable properties. This attachment order also warns third parties against benefiting from any such transactions involving the defaulters' assets.
Strict Timeline for Disclosure
The defaulters have been given a strict two-week deadline to furnish complete details of all their properties to Sebi. This directive includes submitting original title deeds for all immovable assets they own. This move aims to create a comprehensive inventory of assets that can be liquidated to recover the public funds.
In a related development, Sebi has also begun recovery proceedings against another individual, Rahul Rao Padamati, for dues worth ₹2.13 lakh. This action is part of a broader regulatory sweep targeting non-compliant entities in the financial advice space. Notably, Sebi recently passed another significant order impounding over ₹546 crore from Avadhut Sathe, signaling its intensified focus on enforcement.
The case of 'Baap of Charts' serves as a stark warning to the burgeoning community of financial influencers in India. It underscores the non-negotiable requirement for Sebi registration for anyone providing investment advice and the severe consequences of flouting rules and misleading investors for personal gain.
