Apart from this, Nasir is also found to be providing buy or sell recommendations in private groups. "The amount collected for ‘educational courses’ was credited into the bank accounts of Nasir, BoC, Golden Syndicate Ventures Pvt. Ltd.(in which Nasir is a significant shareholder)and P. Rahul Rao(another significant shareholder of Golden Syndicate Ventures Pvt. Ltd.).

"During the course of examination, it was observed that through the videos or pictures posted on his YouTube Channel or Twitter, Nasir was luring people to enrol for his ‘educational courses’," says SEBI, adding that Nasir also organises physical workshops in various cities for ‘educating’ his clients.

Tightening the noose around the unregulated 'finfluencers' in India, the capital markets regulator in September proposed to restrict the association of registered entities with such financial influencers and has also proposed a unique fee payment platform for registered investment advisers or research analysts.

The SEBI proposal came via a consultation paper, which was released more than a month after Fortune India reported about reluctance on the part of 'finfluencers' to register themselves with regulators, and how this burgeoning tribe of self-proclaimed financial experts is plaguing the internet.

SEBI says ‘finfluencers’ who are not registered with the relevant financial sector regulator may not have the "requisite qualifications or expertise" on the subject. "Worse, not being formally subject to a financial sector regulator’s code of conduct, they may not disclose any potential conflict of interest such as their association with or interest in the products, services or securities that they promote."

Financial influencers, commonly called ‘finfluencers’, are those who provide information and advice on financial topics such as investing in securities, personal finance, banking products, insurance, real estate investment, etc., through social media, and have the ability to influence followers’ financial decisions.

Mohammad Nasir

SEBI bans finfluencer 'Baap of Chart'; orders to pay ₹17.2 cr