SEBI Bans Asmita Patel, Impounds Funds
Analysis based on 8 articles · First reported Feb 08, 2025 · Last updated Feb 09, 2025
The ban and disgorgement order by India — Securities and Exchange Board of India against Jitesh Patel and her associated entities will likely increase investor caution regarding unregulated financial influencers. This action reinforces the importance of registered investment advice, potentially leading to a shift in how financial education and advice are consumed in India.
The India — Securities and Exchange Board of India (SEBI) has banned finfluencer Jitesh Patel, her firm Asmita Patel Global School of Trading, and four other associated entities (Jitesh Patel, King Traders, Adani Enterprises, and United Enterprises) from the capital markets. This action stems from allegations of running an unregistered investment advisory service, misleading investors with exaggerated profit promises, and coercing them into high-fee courses. SEBI has ordered the disgorgement of over ₹53 crore collected as fees and is investigating why an additional ₹104.63 crore should not also be seized. The investigation, covering August 2019 to October 2023, found that Asmita Patel Global School of Trading provided buy/sell recommendations through private channels under the guise of education, violating SEBI's Investment Adviser rules. The entities are also directed to cease all unregistered or fraudulent activities in the securities market.
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