Asmita Jitesh Patel, a YouTuber and finfluncer was banned by SEBI, the market regulator. SEBI impounded gains of about Rs 54 crore made by Patel, out of the Rs 104 crore have been deemed ‘ill-gotten gains.’
Options Queen Banned
According to the Securities and Exchange Board Of India (SEBI), Patel made money by giving investment tips that went beyond the realm of investment to increase wealth through ways and means that were beyond the capabilities of what was on offer.
SEBI said that beyond making illicit gains, Asmita Patel’s trading school fostered a psyche that pushed people towards taking loans, borrowing huge amounts from other to invest, and even quitting their regular jobs to risk with trading.
SEBI’s actions have been taken on Asmita Patel Global School of Trading Pvt Ltd and five other organisations are part of the organisation.
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Selling Castles Of Cards
Followers of Patel were even advised to depart from safer mutual funds to invest as per advice when they were short on funds.
Patel marketed herself as the She Wolf of Stock Market and Options Queen.
SEBI’s actions have been taken on Asmita Patel Global School of Trading Pvt Ltd and five other organisations are part of the organisation.
In a temporary ruling, SEBI ordered the stock market training school to stop providing unregistered investment advisory and research analyst services.
SEBI has underscored the role of Asmita Jitesh Patel and her husband Jitesh Jethalal Patel in the matter. The authorities also seized Rs 53.67 crore that the school had earned. All six have also been prohibited from using the securities market.
And the claims of professionals borrowing capital and leaving their jobs was revealed by the company representatives themselves.
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In addition, investors, apart from using legitimate channels, and vetting through investment avenues, also need to temper their expectations and align themselves to be more realistic with their investment prospects. |
The Need For Caution
Once again, the crust of this development lies in the principle of gaining resources and becoming wealthy at the drop of a hat.
This involved promises of making extraordinary returns after taking Asmita Patel’s course, and by applying her strategies, which were seemingly unreliable.
This tale, similar to the one that happened in the case of Torres Jewellery and others signs cautions and underscores the need for vigilance among investors.
In addition, investors, apart from using legitimate channels, and vetting through investment avenues, also need to temper their expectations and align themselves to be more realistic with their investment prospects.
