SEBI cracks down on ‘Baap of Chart’, freezes accounts over ₹18 crore dues

Markets regulator SEBI has initiated recovery proceedings to recover dues of around ₹18.14 crore from market influencers and an investment firm for carrying out unregistered investment advisory activities, according to an order issued by the Securities and Exchange Board of India.

The recovery action targets Mohd Nasiruddin Ansari, popularly known as “Baap of Chart”, Rahul Rao Padamati and Golden Syndicate Ventures, to recover penalties, interest, costs and other charges arising from earlier regulatory directions.

SEBI said the total liability amounted to a little over ₹18.14 crore.

SEBI had issued a demand notice in May directing the defaulters to clear the dues within 15 days, but the amount remained unpaid. The regulator subsequently initiated coercive recovery measures, including issuing an attachment order in July.

As part of the action, SEBI has frozen all demat and bank accounts, as well as mutual fund investments, held by the defaulters. Banks have also been directed to restrict access to lockers to prevent any movement or concealment of assets, the order said.

In September, the Securities Appellate Tribunal (SAT) had directed Padamati to remit 50% of the funds he received, amounting to ₹1.2 crore, within four weeks. SEBI said Padamati failed to comply with that directive.

In its latest order, the regulator noted that amounts that could be realised from the defaulters’ bank accounts were insufficient. It has therefore prohibited them from disposing of, transferring, alienating or charging any movable or immovable properties.

"...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.

In December 2024, SEBI restrained seven entities, including Ansari, for up to one year for running unauthorised investment advisory services under the name “Baap of Chart”.

The regulator had also directed the entities to refund ₹17.2 crore within three months.

Ansari runs a profile on social media platform X under the name “Baap of Chart”, where SEBI said he offered stock market buy and sell recommendations under the guise of providing educational training related to the securities market.