SEBI directs influencer Ravindra Balu Bharti to repay Rs 12 crore from 'illegitimate profits'
PTC News Desk: The Securities and Exchange Board of India (SEBI) has mandated a financial influencer, popularly known as a finfluencer, to return a sum exceeding Rs 12 crore earned through allegedly unlawful means. This action comes as SEBI orders the cessation of investment advisory services provided by the concerned individuals and prohibits them from assuming such roles or representations in the future.
Ravindra Balu Bharti, who also conducted training sessions on stock market trading, has been directed to deposit the funds into an interest-bearing escrow account established in a nationalised bank. SEBI's order dictates that these funds cannot be released without its explicit approval, ensuring regulatory oversight.
Ravindra Bharti Education Institute Pvt. Ltd (RBEIPL), co-founded by Ravindra Balu Bharti and his wife Shubhangi Bharti in 2016, claims to primarily offer education and training related to stock market activities. During his tenure as a director from February 3, 2016, to October 3, 2023, Bharti was associated with RBEIPL. Notably, he is the son of Balu Motiram, a stock trader with ABC Limited.
SEBI's interim order targets an unregistered investment advisory, Ravindra Bharti Education Institute Private Ltd (RBEIPL), along with its former and current directors. Apart from mandating the cessation of investment advisory services, the order prohibits any direct or indirect involvement in securities transactions until further notice.
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The order specifies the impounding of Rs 12,03,82,130.91, representing the total unlawful gains accrued through the unregistered investment advisory business conducted by RBEIPL. This amount is to be retrieved from Ravindra Bharti Education Institute Private Limited.
With two YouTube channels boasting substantial subscriber bases, namely Bharti Share Market Marathi with 10.8 lakh subscribers and Bharti Share Market - Hindi with 8.22 lakh subscribers, Ravindra Bharti wielded significant influence in the financial realm. SEBI's actions underscore its commitment to investor protection and market integrity. By curbing deceptive practices and ensuring transparency, regulatory bodies strive to maintain trust and confidence in India's capital markets.
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(Inputs from agencies)
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