Capital market regulator Securities and Exchange Board of India (SEBI) has banned YouTube ‘influencer’ Ravindra Balu Bharti-led Ravindra Bharti Education Institute from the capital market and directed it to return Rs 12 crore illegally earned. According to language news, instructions have been given to deposit this amount in an escrow account specially opened for this purpose in a nationalized bank. The Securities and Exchange Board of India (SEBI) has also barred Ravindra Balu Bharti’s wife Shubhangi Ravindra Bharti and directors – Rahul Anant Gosavi and Dhanashree Chandrakant Gosavi – from the securities market.
prohibited from associating in any form
According to the news, these people have also been barred from associating with any registered intermediary in any form. Ravindra Bharti and his wife Shubhangi founded Ravindra Bharti Education Institute Private Limited (RBEIPL) in the year 2016. The company claims to be involved in training or teaching related to stock market trading. SEBI, in its interim order issued on Friday, said the institute was involved in giving advice regarding investment, purchase, sale or dealing in investment products in exchange for consideration.
The lure of returns up to 1,000 percent
Investors were lured into taking advisory services with projected returns ranging from 25 percent to 1,000 percent. According to SEBI, engaging in investment advisory services without registration violates regulatory norms. Therefore, the total illegal profit thus earned amounting to Rs 12,03,82,130.91 will be confiscated. Apart from this, SEBI has also directed the entities to refrain from acting as investment advisors or holding themselves out as investment advisors and providing investment advisory services.
Latest Business News