Market regulator Securities Exchange Board of India (SEBI) on 26 October banned Mohammad Nasiruddin Ansari from the securities market.

Ansari runs a profile on social media platform X called ‘Baap of Chart’, which he uses to offer buy/sell recommendations for the stock market. The market regulator has also ordered Ansari to deposit Rs 17.20 crore in an escrow account as they are unlawful gains from his ‘educational courses’ on markets.

SEBI, in its order, said, “Notices shall cease and desist from acting as or holding themselves out to be investment advisors, whether using ‘Baap of Chart’ or otherwise. They shall cease to solicit or undertake such activity or any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever.”

The order said, “The proceeds in the bank accounts of the Notice Nos. 1, 2, and 5, to the extent of illegal gains mentioned in para 32 above shall be impounded, jointly and severally. Further, the Notice Nos. 1, 2, and 5 are directed to open an escrow account with a scheduled commercial bank and deposit the impounded amount mentioned therein within 15 days from the date of service of this order. In the said escrow account, a lien shall be created in favour of SEBI. Further, the monies kept therein shall not be released without permission from SEBI.”

The market regulator had observed that Ansari promoted himself as a stock market expert on various social media platforms and lured investors to enrol in his various education courses that were offered by him.

SEBI has mentioned all the platforms used by Anasri to offer his various courses and even attached screenshots of his chats with his clients.