An fin influencer, Asmita Patel known as ‘option queen’ has come under investigation and securities and exchange board of India (SEBI) has penaltilised influencer an whooping amount of 53 crore RS which is she set to returned that she earned in form of fees. Along with this SEBI also ban the six another entities also ask to justify an 104 CR collected as fees.
Action on Asmita Patel
SEBI has banned Asmita Patel for alleged unregistered investment advisory tips and courses they also asked Patel to return 53 CR which is she collected from her clients and also asked to return other 104 CR from six other entities. SEBI on February 6 banned the Asmita Patel Global School of Trading (APGSOT)
What Is The Case
Asmita Patel is influencer has over 220 k followers on Instagram and 550 k followers on You tube and she also has plenty of followers on Facebook and linked in and in case of social media influencer this got more serious because they carry an influence.
All the thing started when 42 people who is Patel’s previous clients are filed a case on her and say that Asmita would sell them different courses such as MPAT, LMIT, OM, One life and so on and some courses are 7 lakh INR and things don’t stop here this people also directed to different paid telegram channels for tips and she also has zoom sessions where she induced her clients to buy a course.
Along with Patel SEBI also banned Jitesh Patel, King Traders , Gemini Enterprise and United Enterprises from the capital market . In the order issued by SEBI against Asmita Patel it stated that “Students/investors/participants were encouraged to leave the job and join MPAT (a name of her course) to make something big ” The SEBI found that the accused violated the RA/RIA rules claiming false assurances of returns, along with misleading customer reviews.