Nasiruddin Ansari, the sole owner of the firm known as ‘Baap of Chart’ (BoC), created quite a stir in the world of stock market enthusiasts. He used social media to portray himself as a stock market expert and encouraged people to join his “educational courses.” These courses promised almost guaranteed profits to those who followed his investment advice in the securities market.1
Ansari’s presence on social media platforms was quite significant. His YouTube channel, @Baapofchart, had more than 4.43 lakh subscribers and over 7 crore views. On top of that, he managed a Telegram group/channel called ‘Baap Of Chart Option Hedging,’ boasting around 53,000 subscribers. His Instagram and X accounts, ‘baapofchart,’ gathered around 59,000 and 78,000 followers, respectively. Furthermore, his WhatsApp channel had over 13,000 followers, which was no small feat.2
The Money Ansari Made
Ansari managed to accumulate a substantial sum of money through his stock market business. He collected a whopping Rs 13.78 crore from the courses and workshops offered on Bunch’s platform and mobile apps.3 According to SEBI (Securities and Exchange Board of India), this entire amount is viewed as fees received from fraudulent and unregistered investment advisory activities.
In addition to the course fees, Ansari and BoC also collected Rs 3.42 crore through two UPI (Unified Payments Interface) IDs linked to their accounts at Kotak Mahindra Bank. These UPI IDs were widely promoted on their website and social media channels.
While Ansari’s rise to fame seemed meteoric, it didn’t take long for the regulatory authorities to take notice of his activities. SEBI, the market regulator in India, found that Ansari’s actions were not in compliance with the rules and regulations governing investment advice. They deemed his activities as fraudulent and unregistered.4
In response to these findings, SEBI has taken necessary legal actions against Nasiruddin Ansari and Baap of Chart. This case serves as a stark reminder that financial investments should be carried out with caution, and investors should always be vigilant when dealing with self-proclaimed experts promising guaranteed returns.5