SEBI bans Asmita Patel, 5 others, seizes ₹53cr

Markets regulator SEBI has barred six entities, including Asmita Patel and her firm Asmita Patel Global School of Trading (APGSOT), from the capital markets for allegedly providing unregistered investment advisory services. SEBI has directed them to return ₹53.67 crore collected from course participants and explain why an additional ₹104.63 crore should not be seized.

Asmita Patel, a financial influencer who calls herself the ‘She Wolf of the stock market’ and ‘Options Queen,’ allegedly misled students by promising high profits through trading courses. SEBI's probe revealed that APGSOT, along with Asmita and Jitesh Patel, ran a scheme where participants were encouraged to trade in specific stocks and open accounts with a particular broker. Buy/sell recommendations were reportedly shared via Telegram channels under the guise of education.

SEBI found that course fees were collected through multiple firms, including King Traders, Gemini Enterprise, and United Enterprises, to route funds. The regulator has prohibited Asmita and her associates from offering investment advice, portraying themselves as financial advisors, or engaging in securities-related activities.

The investigation followed complaints from 42 investors and examined transactions from August 2019 to October 2023. While SEBI’s order is not a final verdict, the accused must respond to the charges. The case highlights concerns over unregulated financial advisory services in India’s capital markets.