Sebi bans fininfluencer Asmita Patel, 5 others from mkt, impound illegal gains of over Rs 53 cr
NEW DELHI, Feb 09, (PTI): Markets regulator Sebi has banned six entities, including Asmita Patel Global School and fin-influencer Asmita Patel, from the capital markets for alleged unregistered investment advisory services and directed to disgorge over Rs 53 crore collected as fees course participants for various courses.
Sebi through an interim order cum show cause notice passed on Thursday prohibited six entities, including Asmita Patel Global School of Trading Pvt Ltd (APGSOT), Asmita Jitesh Patel, Jitesh Jethalal Patel, King Traders, Gemini Enterprise and United Enterprises, from the capital market.
The Securities and Exchange Board of India (Sebi) has also asked the six entities to explain why another Rs 104.63 crore should not be collected as fees for various programmes and should not be seized as well, according to a Sebi order.
The case pertains to individuals enrolling in trading courses provided by Asmita Patel Global School Of Trading. The Sebi order said that they were misled by exaggerated promises of profits and forced into paying high fees for minimal or ineffective trading education.
YouTuber and financial influencer Asmita Patel portrays herself as the 'She Wolf of the stock market' and the 'options queen' and claimed to have mentored over one lakh students/investors/participants worldwide. As per the complainants, she (Asmita) has assets to the tune of Rs 140 crore using her proprietary system.
The regulator noted that each entity has played specific roles at various stages which have prima facie, been found to violate Sebi's rules.
Further, Sebi revealed that, prima facie APGSOT along with the Asmita and Jitesh devised a scheme wherein students/investors/participants were lured to trade in specific stocks and told to open a trading account with ABC Ltd.
Recommendations of buy/sell of specific securities were provided and uploaded on telegram channels owned by APGSOT. The acts of the entity make it evident that it was providing investment advice/ research analyst services to students/investors/participants for consideration in the pretext of imparting education, the 129-page order said.
The regulator also pointed out that the APGSOT collected fees from course participants through King Traders, Gemini Enterprise and United Enterprises directing them to pay the course fees to the bank accounts of these entities.
According to Sebi, this was not a one-time arrangement but a regular practice followed by the Asmita Patel Global School of Trading to route funds through different entities.
Sebi noted that these six entities are jointly and severally liable for impounding Rs 53.67 crore collected as fees from participants for courses such as, LMIT (Let's Make India Trade), MPAT (Master's in Price Action Trading) and Options Multiplier (OM) offered by the Asmita Patel Global School of Trading.
By indulging in these practices, APGSOT, its director Asmita, and Jitesh were directed by Sebi to cease and desist from offering unregistered investment advisory or holding themselves out to be as investment advisors/ research analysts.
They have also been ordered to cease to solicit or undertake any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever, Sebi said.
However, the markets watchdog clarified that findings in this order are prima facie findings and the entities have full opportunity to provide their defence and prove their innocence. This prima facie finding should also be viewed in that manner and should not be taken as a final verdict against anyone.
Sebi has examined APGSOT and its directors following a complaint from a group of 42 investors alleging unauthorised investment advisory activities.
The regulator conducted an examination covering the period from August 2019 to October 2023, focusing on APGSOT, its director Asmita -- who is also an authorised person of registered stockbroker ABC Ltd -- and Jitesh, along with proprietary firms King Traders, Gemini Enterprise, and United Enterprises.
According to Sebi, APGSOT was allegedly providing stock buy/sell recommendations through private telegram channels, Zoom meetings, and emails, besides offering educational courses. The probe aimed to determine whether APGSOT was offering investment services without the necessary Sebi's registration, as mandated under Investment Adviser (IA) rules.
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US SC rejects 26/11 attack accused Tahawwur Rana’s plea seeking stay on his extradition to India
New York, Apr 7 (PTI): The US Supreme Court has rejected 26/11 Mumbai terror attack accused Tahawwur Rana's appeal seeking a stay on his extradition to India, moving him closer to being handed over to Indian authorities to face justice.
Rana, 64, a Canadian national of Pakistani origin, is currently lodged at a metropolitan detention centre in Los Angeles.
He is known to be associated with Pakistani-American terrorist David Coleman Headley, one of the main conspirators of the 26/11 attacks. Headley conducted a recce of Mumbai before the attacks by posing as an employee of Rana’s immigration consultancy.
Rana had submitted an ‘Emergency Application For Stay Pending Litigation of Petition For Writ of Habeas Corpus' on February 27, 2025, with Associate Justice of the Supreme Court of the United States and Circuit Justice for the Ninth Circuit Elena Kagan.
Kagan had denied the application earlier last month.
Rana had then renewed his ‘Emergency Application for Stay Pending Litigation of Petition for Writ of Habeas Corpus previously addressed to Justice Kagan’, and requested that the renewed application be directed to US Chief Justice John Roberts.
An order on the Supreme Court website noted that Rana's renewed application had been “distributed for Conference” on April 4 and the “application” has been “referred to the Court.”
A notice on the Supreme Court website Monday said that “Application denied by the Court.”
Rana was convicted in the US of one count of conspiracy to provide material support to the terrorist plot in Denmark and one count of providing material support to Pakistan-based terrorist organisation Lashker-e-Taiba which was responsible for the attacks in Mumbai.
New York-based Indian-American attorney Ravi Batra had told PTI that Rana had made his application to the Supreme Court to prevent extradition, which Justice Kagan denied on March 6. The application was then submitted before Roberts, “who has shared it with the Court to conference so as to harness the entire Court’s view.”
The Supreme Court justices are Associate Justice Clarence Thomas, Associate Justice Samuel A. Alito, Jr., Associate Justice Sonia Sotomayor, Associate Justice Elena Kagan, Associate Justice Neil M. Gorsuch, Associate Justice Brett M. Kavanaugh, Associate Justice Amy Coney Barrett, and Associate Justice Ketanji Brown Jackson.
In his emergency application, Rana had sought a stay of his extradition and surrender to India pending litigation (including exhaustion of all appeals) on the merits of his February 13.
In that petition, Rana argued that his extradition to India violates US law and the UN Convention Against Torture "because there are substantial grounds for believing that, if extradited to India, the petitioner will be in danger of being subjected to torture."
"The likelihood of torture in this case is even higher though as petitioner faces acute risk as a Muslim of Pakistani origin charged in the Mumbai attacks,” the application said.
The application also said that his “severe medical conditions” render extradition to Indian detention facilities a “de facto" death sentence in this case.
The US Supreme Court denied Rana's petition for a writ of certiorari relating to his original habeas petition on January 21. The application notes that on that same day, newly-confirmed Secretary of State Marco Rubio had met with External Affairs Minister S Jaishankar.
When Prime Minister Narendra Modi arrived in Washington on February 12 to meet with Trump, Rana’s counsel received a letter from the Department of State, stating that “on February 11, 2025, the Secretary of State decided to authorise” Rana’s "surrender to India,” pursuant to the “Extradition Treaty between the United States and India”.
Rana’s Counsel requested from the State Department the complete administrative record on which Secretary Rubio based his decision to authorize Rana’s surrender to India.
The Counsel also requested immediate information of any commitment the United States has obtained from India with respect to Rana’s treatment. “The government declined to provide any information in response to these requests,” the application said.
It added that given Rana’s underlying health conditions and the State Department’s findings regarding the treatment of prisoners, it is very likely “Rana will not survive long enough to be tried in India".
During a joint press conference with Prime Minister Modi in the White House in February, President Donald Trump announced that his administration has approved the extradition of "very evil" Rana, wanted by Indian law enforcement agencies for his role in the 26/11 Mumbai terror attacks, "to face justice in India”.
A total of 166 people, including six Americans, were killed in the 2008 Mumbai terror attacks in which 10 Pakistani terrorists laid a more than 60-hour siege, attacking and killing people at iconic and vital locations in Mumbai.
