SEBI Ban: If you also buy or sell any stock by watching stock market influencers on YouTube and Instagram, then you need to be careful. In fact, in the year 2024, action has been taken against many such people who misled people about the stock market. Action was taken against one of these influencers recently. Apart from this, this year the Securities and Exchange Board of India (SEBI) has also banned more than 15000 content sites.
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SEBI Action
According to the Times of India report, the Securities and Exchange Board of India (SEBI) has taken major action this year against those who mislead people by giving wrong information in the name of investing in the stock market. SEBI has banned more than 15,000 content sites and many financial influencers. All these people are accused of misleading investors by giving wrong investment advice on social media and causing loss of their hard-earned money.
Against whom did SEBI take action
In its action this year, SEBI banned several well-known financial influencers such as Ravindra Balu Bharti and Naseeruddin Ansari. Ansari was active on the social media platform X (earlier Twitter) under the name ‘Baap of Chart’, where he used to give advice on buying and selling shares. SEBI has ordered Ansari and his associates to open an escrow account and deposit Rs 17 crore. This amount will be used to return money to the investors who used their services.
Apart from this, Ansari has been fined Rs 20 lakh. His associates, including Padmati, Tabrez Abdullah, Wani and Vamshi, were also fined Rs 2 lakh. Shubhangi Ravindra Bharti, Rahul Anant Gosavi and Dhanashree Chandrakant Giri have also been banned from the stock market.
How the game was played
SEBI’s investigation revealed that these influencers promoted particular stocks without any disclaimer. They took money from companies for their personal benefit and recommended their stocks in return. This not only misled investors, but also led to a surge in stock prices in the market, which is against market rules.
The growing craze of Finfluencers
Financial influencers, also known as finfluencers, are becoming increasingly popular on social media these days. These people claim to tell strategies to make quick money in the stock market. Although some of them provide correct information, many influencers take advantage of the trust of their followers. This is the reason why SEBI has advised investors to seek advice only from certified investment advisors. Investing without investigation on the advice given on social media can be risky.
Disclaimer: The information provided here is for informational purposes only. Investing in the market is subject to market risks. Always seek expert advice before making any investment decisions. ByNewsIndia.Com does not recommend or encourage anyone to invest money based on this information.
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