The Sebi has requested Bharti to put the funds in an interest-bearing escrow account and has barred him and his wife, Subhangi, from trading in the securities market till further notice.
Ravindra Balu Bharti, a renowned finfluencer with over 2 million followers, has been asked by market regulator Sebi to refund Rs 12 crore in ‘unlawful gains’.
Sebi has instructed Bharti to put the funds in an interest-bearing escrow account and has barred him and his wife, Subhangi, from trading in the securities market till further notice. Bharti was operating the Ravindra Bharti Education Institute Pvt. Ltd. (RBEIPL), which he and his wife Shubhangi started in 2016. RBEIPL purportedly engaged in stock market trading education through a website called “Bharti Share Market”. According to reports, the institute operated as an unregistered advice and was run by individuals who were not authorized to conduct transactions.
The action against Bharti is part of Sebi’s crackdown on finfluencers to protect investor interests and maintain market integrity. The regulator’s action affects RBEIPL and numerous other individuals connected to the firm.
The organization and the finfluencer allegedly promised excessive returns of up to 1,000 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
“Guaranteed returns upto 1000% is a clear case of abuse of investors’ confidence in the securities market,” the order added.
According to Sebi investigators, the authorized person’s office devised an innovative approach to circumvent a regulatory obligation.
Bharti also has two YouTube channels: “Bharti Share Market Marathi” with around 10 lakh members and “Bharti Share Market – Hindi” with 8.22 lakh subscribers. These channels, which were previously used for financial advice, are now under Sebi investigation.
Investors were persuaded to use the consulting services by promising profits ranging from 25% to 1000%. Investors seeking investment advisory services must sign an agreement outlining terms and conditions, including fees, expected returns, and profit sharing percentage.
