Mere favourite subject mein fail hoke doosre subject mein pass hone ka kya faida? – Sridevi in English Vinglish
Baap of Chart, a firm run by influencer Md Nasir who made tall claims of teaching how to generate assured returns to its students, turns out to be a big loser when it comes to trading in the market.
A Securities and Exchange Board of India (SEBI) analysis shows that it, along with its proprietor Md Nasir, lost nearly Rs 3 crore in a 2.5-year period (January 2021 –July 2023) by trading in the stock market.
“Nasir, who claims to provide strategies for trading that would lead to 200-300 percent profit/assured or near-assured returns, has actually incurred a net loss of Rs 2,89,60,828.02 through trading in securities and has concealed such facts from the investors in his videos/ workshops/ groups. Therefore, the claim of certainty or near-certainty on returns on his trading calls/ ‘educational videos’ is not supported by his individual record of trading in the securities market,” the market regulator said in its order banning him from the market.
As per information furnished to SEBI, Baap of Chart or Md Nasir has seven trading accounts but most trading was done from just two. He lost Rs 2.64 crore from trading via his trading account with Zerodha while losing another Rs 25 lakh from Angel One trading account.
This comes against a collection of Rs 17.20 crore in the same period from budding traders who he trained. Sebi has also ordered Md Nasir to deposit the amount in an escrow account alleging that it was collected from carrying out unregistered and fraudulent illegal advisory service.
Moneycontrol was the first to report about him and his fraudulent activity.
SEBI rules prohibit algo sellers from influencing investors with any mention of future returns. But a large number of algo sellers bypass regulatory oversight by operating as software vendors.
The revelation reinforces SEBI’s finding that nine out of 10 traders lose money in the market. And, even those who claim to be professional traders are not spared.
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