SEBI Launches Rs 18.14 Crore Recovery Against ‘Baap of Chart’ For Unregistered Advisory

The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings to collect Rs 18.14 crore from Mohd Nasiruddin Ansari, popularly known as ‘Baap of Chart’, Rahul Rao Padamati, and Golden Syndicate Ventures for running unregistered investment advisory services.

The amount includes penalties, interest, costs, and other charges as per Sebi’s earlier directions. Despite a demand notice issued in May requiring payment within 15 days, the dues remain unpaid. SEBI subsequently froze all demat and bank accounts, mutual fund holdings, and restricted access to lockers in July to prevent asset concealment.

In September, the Securities Appellate Tribunal directed Padamati to remit 50% of Rs 1.2 crore he received within four weeks, but he failed to comply. Sebi noted that recoveries from bank accounts were insufficient and has now prohibited the defaulters from transferring or disposing of any movable or immovable properties.

The case dates back to December 2024, when SEBI restrained seven entities, including Ansari, for up to one year and ordered them to refund Rs 17.2 crore collected through unauthorized advisory services. Ansari, who operated under the name ‘Baap of Chart’ on social media platform X, allegedly offered stock recommendations disguised as educational training.

"...the defaulters are hereby prohibited from disposing, transferring, alienating, or charging all the immovable properties and movable properties held by the defaulters," SEBI said in the order.

The regulator also directed the entities: Ansari, Padamati, Tabraiz Abdullah, Asif Iqbal Wani, Golden Syndicate Ventures Pvt Ltd (GSVPL), Mansha Abdullah and Jadav Vamshi -- to refund Rs 17.2 crore within three months.

Ansari runs a profile on the social media platform X by the name of 'Baap of Chart', where he used to offer buy/sell recommendations in the stock market. The recommendations were given in the garb of providing educational training related to the securities market, according to SEBI.

(With inputs from PTI)