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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Prasidh, Kuldeep limit South Africa to 270 after De Kock's hundred
Visakhapatnam (PTI): India fought back gallantly through Prasidh Krishna and Kuldeep Yadav after Quinton de Kock struck his 23rd hundred, keeping South Africa to a manageable 270 in the third and series-deciding final ODI, here Saturday.
India won the toss after judging the spin of the coin incorrectly 20 times in a row. They had little hesitation in inserting the Proteas into bat, a clear indication of dew factor dominating the thought.
After Arshdeep Singh sent back Ryan Rickelton early, De Kock (106, 89b, 8x4, 6x4) struck his seventh century against India and put on 113 runs off 124 balls with skipper Temba Bavuma (48, 67b) as the visitors moved to a healthy position.
De Kock was severe on Prasidh (4/66), who erred on length continuously in his first spell (2-0-27-0). The left-hander biffed the pacer for 6, 6, 4 in his second over to milk 18 runs.
The 32-year-old quickly pounced on anything that was short, and pacers Prasidh and Harshit offered him plenty of feed on his pet areas.
Bavuma was more sedate, and made runs through those typical dabs and jabs, occasionally unfurling a drive of elan.
De Kock moved to fifty in 42 balls, and never let the tempo down reaching his hundred in 79 balls.
India found temporary relief when Ravindra Jadeja induced a false slash from Bavuma to get caught by Virat Kohli at point.
The tourists got another move on through a 54-run partnership between De Kock and Matthew Breetzkle for the third wicket, and at 168 for two in 28 overs they were in a good position to press on.
But Breetzke's punishment of part-time spinner Tilak Varma forced a rethink in the Indian camp, as skipper KL Rahul brought back Prasidh for a second spell.
What a masterstroke it turned out to be! The Karnataka man broke the back of South Africa’s top and middle order in an exceptional second spell (4-0-11-3).
Breetzke was the first man to go, trapped plumb in front with a straight one and four balls later Aiden Markram uppishly chipped a fuller delivery to Kohli at short covers.
Prasidh soon castled De Kock, whose ugly cross-batted swipe failed to connect a full length delivery from the pacer.
All of a sudden, SA found themselves at a shaky 199 for five, losing three wickets in the space of three overs.
Once Prasidh was done away with the top and middle-order, left-arm wrist spinner Kuldeep (4/41) took over and mopped up the tail as SA fell short of even a par total on this track.
