In 2024, several individuals who misled the public about the stock market through platforms like YouTube and Instagram have faced legal action. Recently, one prominent influencer was prosecuted for their misleading activities. The Securities and Exchange Board of India (SEBI) has taken significant steps to curb such practices, banning over 15,000 content sites this year.
According to the Times of India, the SEBI has taken significant action this year against individuals and platforms misleading the public with false information regarding stock market investments. SEBI has banned over 15,000 content sites and several financial influencers, all of whom are accused of deceiving investors and putting their hard-earned money at risk by providing false investment advice on social media.
Earlier this year, SEBI took action against several individuals, including Ravindra Balu Bharti and Nasiruddin Ansari, for misleading investors. Ansari, active on the social media platform X (formerly Twitter) under the alias 'Baap of Chart,' had been recommending stock trades. SEBI has instructed Ansari and his associates to open an escrow account and deposit Rs 17 crore, which will be used to reimburse investors who had used their services. In addition, Ansari was fined Rs 20 lakh, while Tabrez Abdullah, Wani, and their associates were each fined Rs 2 lakh. Furthermore, Shubhangi Ravindra Bharti, Rahul Anant Gosavi, and Dhanashri Chandrakant Giri have been banned from participating in the stock market.