Capital markets regulator Securities and Exchange Board of India (Sebi) has started recovery proceedings against Mohammad Nasiruddin Ansari, a finfluencer who owns ‘Baap of Charts’ (BoC), and Golden Syndicate Ventures, a company owned by him, for failure to pay dues worth ₹21 lakh and ₹17.90 crore, respectively, an order dated 15 December stated. The regulator has also begun proceedings against Rahul Rao Padamati to recover dues worth ₹2.13 lakh.
Sebi had launched a crackdown on Ansari and his firm in 2023 when he was banned from trading in the securities market.
For those who are not aware, Ansari and his team had suffered a loss of ₹3 crore in trading in the securities market over 2.5 years, which he had concealed from his clients.
Sebi in 2023 noted that under the name of Baap of Charts, Nasir Ansari was fleecing investors in the garb of providing educational training related to the securities market, promising them guaranteed returns. He was providing investment advisory services without any Sebi registration through social media, thus violating the provisions of Sebi Regulations 2013.
On 22 August 2025, a recovery officer had directed the banks to remit the amount as available in the bank accounts of the defaulters to Sebi. The mutual funds are also directed to redeem the units of mutual funds held in the name of the defaulters and to remit the amount to Sebi.
No sale of assets allowed
The latest Sebi’s directive dated 15 December also notes that, considering that the amounts that could be realised through the remittances from bank accounts of defaulters are not adequate, it is necessary to prohibit the defaulters from disposing, transferring, alienating or charging all the immovable properties and movable properties held by them.
The order also notes that all persons are prohibited from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties of the defaulters which would stand attached.
The latest order also states that defaulters are directed to furnish complete details of all movable and immovable properties held by them, along with the original title deeds pertaining to immovable properties, within two weeks.
Notably, Sebi has recently passed another order against Avadhut Sathe of impounding over ₹546 crore.
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