SEBI bans Asmita Patel: In a major development for the Indian stock market, Indian markets regulator SEBI has banned six entities, including Asmita Patel Global School and fin-influencer Asmita Patel. SEBI has take the actions against the alleged unregistered investment advisory services and has directed to disgorge over Rs 53 crore collected as fees course participants for various courses. Here are all the details on who is Asmita Patel.
SEBI bans Asmita Jitesh Patel
SEBI through an interim order cum show cause notice passed on Thursday prohibited six entities, including Asmita Patel Global School of Trading Pvt Ltd (APGSOT), Asmita Jitesh Patel, Jitesh Jethalal Patel, King Traders, Gemini Enterprise and United Enterprises, from the capital market.
The Securities and Exchange Board of India (SEBI) has also asked the six entities to explain why another Rs 104.63 crore should not be collected as fees for various programmes and should not be seized as well, according to a SEBI order.
The case pertains to individuals enrolling in trading courses provided by Asmita Patel Global School Of Trading. The SEBI order said that they were misled by exaggerated promises of profits and forced into paying high fees for minimal or ineffective trading education.
Who is Asmita Patel?
Asmita Jitesh Patel is the founder and director of Asmita Patel Global School of Trading Private Limited (AGSTPL), based in Navi Mumbai, Maharashtra. She is a financial influencer and having a good presence online presence.
She enjoys a massive online popularity with 5.26 lakh YouTube subscribers, 2.9 lakh followers on Instagram, 73,000 followers on Facebook, 1,900 followers on LinkedIn, and 4,200 followers on X. Other than this, Patel has a trading experience of 17 years along with 10 years of teaching expertise.
YouTuber and financial influencer Asmita Patel portrays herself as the ‘She Wolf of the stock market’ and the ‘options queen’ and claimed to have mentored over one lakh students/investors/participants worldwide. As per the complainants, she (Asmita) has assets to the tune of Rs 140 crore using her proprietary system.
The regulator noted that each entity has played specific roles at various stages which have prima facie, been found to violate SEBI’s rules.
(With inputs from agencies)
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