SEBI Launches ₹18 Crore Recovery Action Against ‘Baap of Charts’ and Associates for Unregistered Investment Advisories

The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings against Mohammad Nasiruddin Ansari, widely known as 'Baap of Charts', along with Rahul Rao Padamati and Golden Syndicate Ventures Pvt. Ltd. The proceedings are aimed at recovering ₹18 crore for violations including unregistered investment advisory activities. 

₹18 Crore Recovery Action and Account Attachments 

SEBI’s recovery steps came after the accused failed to remit outstanding dues totalling around ₹18 crore. The dues include interest, penalties, costs and other charges. SEBI earlier passed a ban on Ansari in 2023, barring him from operating in the securities market for promoting himself as a stock expert without registration. 

A demand notice was issued on May 29, 2025, asking the concerned parties to pay within 15 days. However, after continued non-compliance, SEBI's Recovery Officer issued an Attachment Order on July 8, 2025, freezing all demat accounts, mutual fund holdings, and funds under their name. The defaulters’ bank accounts, including lockers, were also frozen through separate directives. 

Promoting Courses and Misleading Investors 

According to SEBI, Ansari used various social media platforms to market himself as a stock market expert. He promoted educational courses that were positioned in ways to mislead investors into believing in near-certain profits by following suggested recommendations. These acts were deemed unauthorised investment advisory by the regulator. 

Read More: Sebi Chair Says Finfluencer Rules are Clear Amid Ongoing Misinformation Risks! 

Non-Compliance of SAT Directions 

Rahul Rao Padamati had earlier been directed by the Securities Appellate Tribunal (SAT) on September 9, 2025, to pay ₹1.20 crore, reflecting 50% of the amount he received. Despite the order stipulating a four-week window, he reportedly failed to comply. As a result, the ongoing recovery includes measures against his assets. 

Immovable and Movable Properties Restricted 

Given the insufficiency of funds in their bank accounts, SEBI has prohibited the accused from transferring or dealing with any of their movable or immovable properties. Additionally, mutual funds have been instructed to redeem units held by the defaulters and transfer the proceeds to SEBI. 

Conclusion 

SEBI’s ₹18 crore recovery proceedings against 'Baap of Charts' and associated entities underscore regulatory action over unauthorised investment activities. The case highlights the consequences of bypassing licensed channels in the financial space. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.