India’s booming “finfluencer” ecosystem is increasingly facing heat, as regulators like the Securities and Exchange Board of India (SEBI) crack down on misleading advice, unregistered tips and undisclosed promotions. Here’s a look at some of the most prominent cases.
Sarthak Ahuja The latest to come under the scanner is finance influencer Sarthak Ahuja, a Chartered Accountant with a large digital following. Ahuja was flagged by PIB over a viral video claiming that all Indians would need an Income-Tax Clearance Certificate for international travel. The PIB termed the claim “fake.”
According to the PIB, provisions under Section 230 of the Income Tax Act, 1961 apply only in specific and limited circumstances, and have remained unchanged since 2003 despite subsequent amendments, including those under the Finance (No. 2) Act, 2024.
Asmita Patel Market influencer Asmita Patel, who branded herself the “She-Wolf of the stock market and the “Options Queen,” was barred by SEBI last year for running what the regulator described as a large-scale unregistered investment advisory operation. SEBI found that Patel, through her trading school and social media platforms, provided stock recommendations under the guise of education, allegedly collecting around ₹104 crore from investors.
The regulator seized ₹53.6 crore from Patel and her associated entities and issued directions to remove all related content, stating that her courses and Telegram channels were used to disseminate actionable trading advice without registration. SEBI’s order noted that her programmes went beyond education and effectively functioned as paid advisory services, with several investors reportedly suffering losses.
PR Sundar Options trader and YouTuber PR Sundar came under SEBI scrutiny in 2023 following allegations that he was providing investment advisory services without registration through paid groups, Telegram channels and his website. According to SEBI’s findings, Sundar had been offering stock recommendations and advisory packages as early as 2013, with payments routed through his firm, Mansun Consultancy Pvt Ltd, incorporated in 2017. The regulator issued a show-cause notice in May 2022, followed by further proceedings later that year.
In May 2023, Sundar, along with his company and co-promoter, settled the case with SEBI. As part of the settlement, they agreed to stay away from the securities market for one year, pay a monetary penalty and disgorge over ₹6 crore, including profits earned from advisory services and interest calculated from June 2020.
Baap of Charts SEBI also cracked down on finfluencer Mohammad Nasiruddin Ansari in 2023, banning him from the securities market for offering unregistered investment advisory services through his platform “Baap of Charts (BoC).” The regulator found that Ansari was providing stock recommendations via social media under the guise of education, promising assured returns while concealing trading losses of around ₹3 crore over 2.5 years, in violation of SEBI’s investment adviser regulations.
The case has since moved into enforcement, with SEBI in August 2025 directing banks and mutual funds to recover dues, followed by a December 2025 order seeking recovery of about ₹21 lakh from Ansari and ₹17.90 crore from his firm, Golden Syndicate Ventures. The regulator also barred the defaulters from disposing of assets and asked them to disclose details of all movable and immovable properties, signaling continued action to recover investor-linked dues.
Avadhut Sathe Market influencer Avadhut Sathe came under one of SEBI’s biggest crackdowns in December 2025, when the regulator barred him and his firm, Avadhut Sathe Trading Academy (ASTA), from the securities market and ordered the return of over ₹601 crore collected from investors. SEBI found that between 2017 and 2025, Sathe’s academy provided stock tips and trading recommendations through courses and live sessions without registration, effectively running an unregistered investment advisory business under the guise of education.
The Securities Appellate Tribunal (SAT) then directed Sathe to deposit ₹100 crore while granting partial relief from SEBI’s earlier order to impound ₹546 crore. The Supreme Court later declined to interfere with this direction, allowing the case to continue.
The Ministry of Finance told Parliament that SEBI has flagged over 1.33 lakh misleading or manipulative social media posts related to securities as of February 2026, amid rising concerns around unregistered finfluencers. The regulator has been coordinating with social media platforms to take down such content and enforce compliance.
While the government said SEBI is not currently using AI tools for tracking, it has introduced measures requiring registered entities to display their credentials online to help investors verify authenticity. SEBI Chairman Tuhin Kanta Pandey, however, recently said the regulator had already removed over 1.2 lakh posts, adding that action is taken when content crosses the line from education to misleading investors.
April 20, 2026, 18:07:11 IST
