The company marketed high returns based on the credentials of Ravindra Balu Bharti, a financial influencer running two YouTube channels with 10.8 lakh and 8.33 lakh subscribers, respectively.
The article from Business Standard discusses a case where the Securities and Exchange Board of India (SEBI) imposed a fine of Rs 9.5 crore on a YouTube influencer, Ravindra Balu Bharti, for providing unregistered investment advice. Bharti, who operated under the channel 'The Advisor', was found to be offering stock recommendations and investment tips without the necessary regulatory approval. SEBI's investigation revealed that Bharti was not only giving advice but also managing funds through a portfolio management scheme, which is illegal without proper registration. The fine was broken down into Rs 5 lakh for each of the 190 instances where he provided investment advice, highlighting SEBI's stringent stance against unregistered financial advisors. This case serves as a warning to other social media influencers about the legal boundaries of financial advice.
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