SEBI: SEBI bans five including finance influencer Asmita Patel, collects Rs 53 crore through fraud

New Delhi| SEBI, the market regulatory body in India, has banned six alleged financial advisory bodies. The bodies that have been banned also include Asmita Patel Global School and finance influencer Asmita Patel. There are allegations against these bodies that they gave investment advice to people without registering and through these services these bodies raised more than Rs 53 crore. SEBI on Thursday had also issued show cause notices to these finance influencers Asmita Global School of Trading Pvt Ltd, Asmita Jindal Patel, Jitesh Jethalal Patel, King Traders, Jaimini Enterprises, United Enterprises.

In the notice, SEBI has asked these six bodies why crores of rupees should not be recovered from them. It is alleged that these alleged financial advisors and bodies misled people and enrolled them in trading related courses and made false promises to the people regarding the market. Asmita Patel presented herself as a great expert in the market and made big promises and it is being claimed that she earned big money in exchange for giving information about the stock market to more than one lakh people. People were lured to invest only in special stocks.

The SEBI order states that it is clear from the acts of these entity that they were providing investment services to students/investors/participants on the pretext of providing education and that they collected Rs 53 crore as fees from the participants.