Over Rs 53 crore in fees collected from course participants must be returned by Asmita Patel, her company, and other organizations.
New Delhi: Six organizations, including financial influencer Asmita Patel, have been prohibited from accessing the capital markets by the Securities and Exchange Board of India (SEBI). Allegations of operating unlicensed investment advising services are the reason for the action.
Over Rs 53 crore in fees collected from course participants must be returned by Ms. Patel, her company Asmita Patel Global School of Trading Pvt Ltd (APGSOT), and other companies Jitesh Jethalal Patel, King Traders, Gemini Enterprise, and United Enterprises.
Following complaints from 42 investors who claimed that APGSOT was involved in unapproved investment advice operations, SEBI opened a probe. The complainants also said that Ms. Patel used her proprietary technology to amass assets valued at Rs 140 crore. The 129-page order from the market regulator lists the infractions and forbids the accused from using the securities market.
Asmita Patel is who?
- The director of the Navi Mumbai, Maharashtra-based Asmita Patel Global School of Trading Private Limited (AGSTPL) is Asmita Jitesh Patel.
- The website of her company states that she was born into a traditional Gujarati household. Having won multiple accolades for her services to financial education, she has over ten years of teaching experience in addition to seventeen years of trading experience.
- She positions herself as the “Options Queen” and the “She Wolf of the Stock Market.” Over a million kids throughout the world have reportedly benefited from her mentoring.
- Through her website, asmitapatel.com, she maintains a significant online presence and is a financial influencer. With 5.26 lakh YouTube subscribers, 2.9 lakh Instagram followers, 73,000 Facebook followers, 1,900 LinkedIn followers, and 4,200 Twitter followers (X), she has a sizable following on social media.
- Jitesh Patel, the spouse of Ms. Patel, is also an AGSTPL director. According to reports, some students were urged to deposit their fees into the bank accounts of three companies that were connected to them: King Traders, Gemini Enterprise, and United Enterprises.