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SEBI cracks whip on finfluencer Ravindra Balu Bharti, orders to return Rs 12 cr
Photo Courtesy: wikipedia.org

SEBI cracks whip on finfluencer Ravindra Balu Bharti, orders to return Rs 12 cr

India Blooms News Service | @indiablooms | 07 Apr 2024, 05:34 pm

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has taken strong action against a financial influencer (finfluencer) and ordered him to return unlawfully obtained gains totalling over Rs 12 crore, media reports said.

The move is aimed at safeguarding investor interests and maintaining market integrity amid rising concerns about fraudulent activities in the securities market.

The finfluencer in question Ravindra Balu Bharti has been directed by SEBI to return the Rs 12 crore to an interest-bearing Escrow Account held in a nationalized bank, reported NDTV.

Setting up the Escrow Account ensures that the funds are under SEBI's control, preventing their release without explicit authorisation from the regulatory authority.

Ravindra Balu Bharti is the founder of Ravindra Bharti Education Institute Pvt. Ltd. (RBEIPL), a company he co-founded in 2016 with his wife, Shubhangi Bharti, it said.

RBEIPL is reportedly involved in educational activities related to stock market trading, operating through a website named "Bharti Share Market."

SEBI's interim order extends beyond Ravindra Balu Bharti to include RBEIPL and several other individuals associated with the entity.

The regulator's directive bars them from providing investment advisory services or taking part in securities trading activities until further notice.

SEBI's investigation uncovered a pattern of misconduct where investors were misled with promises of exceptionally high returns, reaching up to 1000 percent.

"India's capital market in the recent times has witnessed tremendous growth, characterised particularly by increasing participation of the common public based on investors' confidence. This confidence in the capital market can be sustained largely by ensuring investors protection. Disclosure and transparency are the two pillars on which market integrity rests," SEBI's order read.

Investors, who subscribed to these services, were required to sign an agreement delineating the precise terms and conditions governing the provision of investment advice.

This agreement outlined the fees for accessing advisory services, projected investment returns, and the percentage of profits to be shared in case returns exceeded expectations.

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