SEBI Orders Finfluencer to Surrender Over Rs 12 Cr Unlawful Profits

_{Photo: Reuters}

Following an investigation, the Securities and Exchange Board of India (SEBI) has directed Ravindra Balu Bharti, a financial influencer, to relinquish a sum exceeding Rs 12 crore in unlawful gains. This amount is to be deposited into an Escrow Account established specifically for this purpose in a nationalized bank. SEBI's order stipulates that the funds held in the Escrow Account will be subject to SEBI's control, and their release will necessitate SEBI's explicit authorization.

The directive encompasses Ravindra Bharti Education Institute Pvt. Ltd. (RBEIPL), a company founded by Ravindra Balu Bharti and his wife, Shubhangi Bharti, in 2016. Ravindra Balu Bharti served as the director of RBEIPL from February 03, 2016, to October 03, 2023. The order extends to other individuals associated with RBEIPL, including current directors Rahul Ananta Gosavi and Dhanashri Chandrakant Gosavi.

In addition to the financial directives, SEBI's interim order imposes restrictions on the implicated parties. They are prohibited from offering investment advisory services, engaging in securities transactions, and representing themselves as investment advisors. These measures stem from their alleged involvement in unregistered investment advisory activities.

SEBI's action underscores its commitment to safeguarding investor interests and maintaining market integrity. The order reflects SEBI's vigilance against deceptive practices in the financial domain, particularly those that undermine investor confidence. Notably, the order highlights concerns regarding exaggerated claims, such as the promise of returns of up to 1000%, which can mislead investors.

In emphasizing the importance of investor protection, SEBI underscores the vital role of transparency and disclosure in upholding market integrity. The order underscores the significance of regulatory oversight in sustaining investor trust and confidence in India's capital markets.

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