Ravindra Balu Bharti is the founder of Ravindra Bharti Institute of Education

New Delhi:

Market regulator Securities and Exchange Board of India (SEBI) has asked financial influencers to return illegal gains of over Rs 12 crore. This is a major step to protect the interests of investors and maintain market integrity amid growing concerns about fraud in the securities market.

The financial influencer, Ravindra Balu Bharti, has been directed by SEBI to deposit Rs 12 crore into an interest-bearing escrow account held by a nationalized bank. The escrow account was created to ensure the security of funds within SEBI’s jurisdiction and ensure that they are not released without the regulator’s express permission.

Ravindra Balu Bharti is the founder of Ravindra Bharti Education Institute Pvt. Ltd. (RBEIPL), a company he co-founded in 2016 with his wife Shubhangi Bharti.RBEIPL reportedly conducts educational activities related to stock market trading through a website called ‘Bharti Share Market’

SEBI’s interim order is not limited to Ravindra Balu Bharti alone. The regulator’s order covers RBEIPL as well as several other individuals associated with the entity. Notably, SEBI has banned them from providing investment advisory services or engaging in securities trading activities until further notice.

SEBI’s investigation revealed a pattern of misconduct in which investors were misled by promises of exorbitant returns of up to 1,000 per cent.

“Indian capital markets have witnessed tremendous growth in recent years, especially with increasing public participation on the basis of investor confidence. This confidence in capital markets can be sustained to a large extent by ensuring investor protection. Information Disclosure and transparency are the two pillars of which market integrity is the foundation,” the SEBI order read.

Investors who choose these services must enter into an agreement outlining the specific terms and conditions for receiving investment advice. The agreement details the fees associated with obtaining consulting services, the expected return on investment, and a percentage of profits to be shared if returns exceed expectations.