SEBI bans finfluencer, firm from securities mkt; orders Rs 9.5 cr disgorgement for unlawful advisory biz

New Delhi: Sebi on Tuesday barred YouTuber Ravindra Balu Bharti and his company Ravindra Bharti Education Institute from the securities market until April 4, 2025, and directed them to disgorge Rs 9.5 crore ‘unlawful gain’ earned from alleged unregistered investment advisory business.

Additionally, the regulator prohibited Shubhangi Ravindra Bharti, Rahul Ananta Gosavi and Dhanashri Chandrakant Giri from dealing with or accessing the securities market until April 4.

In its final order, Sebi noted that Ravindra Bharti Education Institute used unregistered investment advice, trade recommendations, and execution to lure inexperienced investors into the securities market through its premises and employees.

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, selling multiple plans to the same client and limiting client input in trading decisions.

Clients were not fully informed about the risks or the incomplete financial disclosures in the agreements, violating fiduciary duties and IA Regulations.

Accordingly, Sebi has directed Ravindra Balu Bharti and his company Ravindra Bharti Education Institute “to disgorge an amount of Rs 9.49 crore on a joint and several basis, along with simple interest at the rate of 6 per cent”.

Also, all the five entities are “restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, till April 4, 2025”.

Additionally, they must stop offering investment advisory services or acting as investment advisors, including under the names “Ravindra Bharti Education Institute Private Limited” or “Ravindra Bharti Wealth”, unless registered with Sebi.

Also, Sebi has levied a penalty of Rs 10 lakh on the five entities and another Rs 5 lakh on Ravindra Bharti Education Institute, Rahul Ananta Gosavi and Dhanashri Chandrakant Giri for the regulatory violations.