2024-12-19 10:16:29 :
The Securities and Exchange Board of India (SEBI) has banned YouTube star Ravindra Balu Bharti and his companies from trading in the securities market or entering the securities market until April 4, 2025 and has given $According to a PTI report, they were fined Rs 949 crore for “illegal gains”.
The report added that Bhatti and three of his associates derived income from an allegedly unregistered investment advisory business. The company is called Ravindra Bharti Education Institute.
Apart from Bharti, SEBI named three others in the ban: Shubhangi Ravindra Bharti, Rahul Ananta Gosavi and Dhanashri Chandrakant Giri.
SEBI command
Sebi, in its final order, stated that Ravindra Bharti Education Institute used unregistered investment advice, trading advice and execution to attract inexperienced investors into the securities market through its premises and employees.
The company marketed high returns based on the credentials of Ravindra Balu Bharti, a financial influencer who runs two YouTube channels with 1.08 million and 8.33 million subscribers, sold multiple plans to the same customers and restricted customers Participation in trading decisions.
The client did not fully understand the risks in the agreement or had incomplete financial disclosures, violating fiduciary duties and internal audit regulations.
Therefore, Sebi directed Ravindra Balu Bharti and his company, Ravindra Bharti Institute of Education, to “vomit a certain amount of $949 Crores, jointly and severally with simple interest of 6%”.
Additionally, all five entities “are restricted from accessing the securities markets and are further prohibited from directly or indirectly buying, selling or otherwise dealing in securities, or being in any way related to the securities markets, until April 4, 2025.”
Further, they must cease providing investment advisory services or acting as investment advisors, including in the name of “Ravindra Bharti Education Institute Private Limited” or “Ravindra Bharti Wealth” unless registered with Sebi.
Sebi also imposed fine $10 Lakhs from five entities and another entity $Ravindra Bharti Education Institute, Rahul Ananta Gosavi and Dhanashri Chandrakant Giri were fined Rs 5 lakh for regulatory violations.
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