The Securities and Exchange Board of India (SEBI) has issued a recovery order worth ₹18.41 crore against the operators of ‘Baap of Chart’, an unregistered investment advisory platform that rose to fame on social media. The defaulters named in the order include Mohammad Nasiruddin Ansari, Rahul Rao Padamati, and Golden Syndicate Ventures Pvt Ltd.
The recovery amount covers penalties, interest, and enforcement costs levied for violations of the SEBI (Investment Advisers) Regulations. Despite earlier directions to refund investors and cease unregistered advisory services, the accused failed to comply, prompting SEBI to take enforcement action.
In addition to the ₹18.41 crore recovery order, SEBI has served further notices:
- Mohammad Nasiruddin Ansari – ₹21.21 lakh
- Jadav Vamsi – ₹12.36 lakh
- Rahul Rao Padamati – ₹2.19 lakh
Regulatory action intensified after a Notice of Demand was issued on May 29, 2025, followed by a Notice of Attachment on July 8, freezing bank and demat accounts. With dues unpaid, SEBI has now invoked its statutory powers under the SEBI Act, allowing asset sales and property auctions to recover funds.
The ‘Baap of Chart’ case highlights SEBI’s ongoing crackdown on unregistered financial influencers and illegal investment advisory practices. In December 2023, SEBI’s Whole Time Member (WTM) had found Nasir Ansari guilty of making reckless claims, hiding losses of ₹2.89 crore, and luring retail investors with promises of “assured returns” through flashy YouTube videos and paid courses.
The regulator’s latest action sends a strong message that violations of advisory norms will attract stringent penalties, including recovery through asset seizure.
