SEBI Initiates ₹18.14 Crore Recovery from Finfluencer Nasir Ansari of ‘Baap of Charts’, 2 Others

Moneylife Digital Team 17 December 2025

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has initiated recovery proceedings to recover ₹18.14 crore from finfluencer Mohammad Nasiruddin Ansari, popularly known as ‘Baap of Charts’, along with Rahul Rao Padamati and Golden Syndicate Ventures Pvt Ltd, for running unregistered investment advisory services and failing to comply with earlier refund and penalty orders.

According to the SEBI order, the dues recoverable from Mr Ansari and Mr Padamati on an individual basis are ₹21.21 lakh and ₹2.13 lakh, respectively. The joint recovery from these two, along with Golden Syndicate Ventures, is ₹17.90 crore. The recoverable amount comprises penalties, interest, recovery costs and other statutory charges arising from SEBI’s final directions.

According to the regulator, a demand notice issued in May required the defaulters to pay the outstanding dues within 15 days, but no payment was made, prompting SEBI to escalate enforcement action.

To prevent dissipation of assets, SEBI froze all bank accounts, demat accounts and mutual fund holdings of the defaulters in July and restricted their access to lockers. However, recoveries from the attached bank accounts were found to be insufficient to meet the outstanding liabilities.

In its December order, SEBI has prohibited Mr Ansari, Mr Padamati and Golden Syndicate Ventures from selling, transferring, alienating or creating any third-party rights over their movable and immovable properties until the full amount is recovered. The regulator said the restriction was necessary to ensure effective recovery of dues and to prevent concealment or diversion of assets.

SEBI also noted non-compliance with an order passed by securities appellate tribunal (SAT). In September, SAT had directed Mr Padamati to deposit 50% of the ₹1.2 crore receivable by him within four weeks. Mr Padamati failed to comply with the tribunal’s direction, strengthening the case for stricter recovery measures.

The case dates back to December 2024, when SEBI passed a final order against seven entities, including Mr Ansari, Mr Padamati, Tabraiz Abdullah, Asif Iqbal Wani, Golden Syndicate Ventures, Mansha Abdullah and Jadav Vamshi. The regulator restrained them from accessing the market for periods ranging from six months to one year and directed them to jointly and severally refund ₹17.2 crore collected from investors within three months.

SEBI had found that Mr Ansari operated unregistered investment advisory services through his social media brand ‘Baap of Charts’, offering stock buy and sell recommendations under the guise of 'educational training'. According to the regulator, investors were lured into enrolling in paid courses and private groups with promises of high or near-assured returns.

An examination of Mr Ansari’s own trading records revealed that he incurred a net trading loss of ₹2.89 crore between January 2021 and July 2023, contradicting his public claims of consistently achieving profits of 20%-30% and high accuracy in trading calls.

SEBI concluded that the activities could not be categorised as educational, as they involved specific trading recommendations, assurances of returns and, in some cases, personalised guidance for live market transactions.

SEBI had also imposed monetary penalties on these noticees and directed them to cease and desist from acting as investment advisers or soliciting clients in any manner. With the continued failure to comply with refund and penalty directions, the regulator has now stepped-up recovery proceedings, signalling a tougher stance against finfluencers and entities operating unauthorised advisory services in the securities market.

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