Mumbai, October 25: Mohammad Nasiruddin Ansari, the infamous Baap of Chart, has been ordered to pay over Rs 17.20 crore in an escrow account earned via unregistered and fraudulent unlawful advising services. He has also been barred from entering the securities market until additional directives are issued. The regulator issued an interim injunction to prohibit "any further fraudulent or unregistered activities in the interest of investors, as well as the impounding and retention of such quantified alleged illegal gains."

The Securities and Exchange Board of India stated in an order dated October 25 that "Noticee Nos. 1 (Mohammad Nasiruddin Ansari), 2 (Rahul Rao Padamati), and 5 (Golden Syndicate Ventures Pvt. Ltd.) are restrained from buying, selling, or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders." Hindenburg Research on Adani Group: SEBI Seeks Six-Month Extension From Supreme Court to Complete Investigation.

If Noticees Nos. 1, 2, and 5 hold any open positions in any exchange traded derivative contracts as of the date of this Order, they may close out / square off such open positions within 3 months of the date of this Order or at the expiration of such contracts, whichever comes first, it added. According to the issued order, a total of Rs 17,20,76,616.09 (Rupees Seventeen Crore Twenty Lakh Seventy Six Thousand Six Hundred Sixteen and Nine Paisa) was accumulated over a two-year period via unregistered and fraudulent investment advice operations. Arshad Warsi Denies Allegations After SEBI Bans Actor, Sadhna Broadcast Promoters from Securities Market.

"In view of receipt of fees for ‘educational courses’ directly in their bank accounts, prima facie it is concluded that the aforesaid Noticee Nos. 1, 2 and 5. are jointly and severally liable for alleged unlawful gains... Considering that the Noticee Nos. 1, 2 and 5 have wantonly engaged in perpetrating fraudulent activity, I cannot ignore the risk that the said Noticees may divert the alleged unlawful gains before directions for disgorgement / refund, etc., if any, are passed. Further, I note that in his videos/ social media posts on ‘courses’ of BoC, Nasir repeatedly emphasizes on providing access to live trading during his courses. Therefore, non-interference at this stage would result in irreparable injury to interests of the securities market and the investors", it further read.

(The above story first appeared on LatestLY on Oct 25, 2023 10:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).