Sebi Bans Asmita Patel Global School of Trading: Taking major action, the Security Exchange Board of India has banned YouTuber Asmita Jitendra Patel, who described himself as 'She Wolf of Stock Market'. He received Rs. 104 crores. Sebi has seized Rs 54 crore.
How did the scandal expose?
Sebi complained to some investors trading by the Global School of Trading Private Limited, run by Asmita Patel. SEBI investigated the complaint and found out that the organization was offering paid courses like 'Let's Mac India Trade', 'Masters in Price Action Trading (MPAT)' and 'Options Multiplier (OM)' and these courses are trading only. Advising investment in the name of teaching.
Sebi's investigation revealed that Asmita Patel and her team were motivating investors to trade in certain stocks through their courses. Recommendations were given for the purchase and sale of shares on his telegram channels. Also, these investors were also asked to open an account in a specific brokerage firm.
This is how black money was managed
A large part of the course fee was routed by third party companies including King Traders (Sagar Dhanjibhai), Gemini Enterprise (Suresh Paramsivam) and United Enterprise (Jigar Rameshbhai Dawada). Sebi has expelled all of these from the security market.
SEBI takes strict action on the Finnfluencers
In his interim order, Sebi has banned Ashmita Patel, her husband Jitesh Jetal Patel and four other organizations from providing investment consultant and research analyst services. Along with this, all these six people have been thrown out of the security market.
SEBI has recently been taking stern action against the Finnfluencers who sell stock tips in the name of Investment Education. Nasiruddin Ansari, known as the 'Bap of Chart', was also prosecuted in December. In January, the SEBI proposed rules that prohibit the display of stock price data or claiming operations to uncontrolled financiers.
Sebi has sought clarification from Asmita Patel and his companies as to why the entire Rs. 104 crores should not be seized. If he cannot answer, more stringent action may be taken against him.
He had a heavy following on social media
Asmita Patel took advantage of her digital presence. There are 5.26 million subscribers on YouTube, 2.9 million followers on Instagram, 73 thousand followers on Facebook, 1,900 followers on LinkedIn and 4,200 followers on X (previous Twitter). She used to call herself 'Options Queen' and 'Shay Wolf of the Stock Market'.
. Source
