English हिन्दी
Connect with us

India News

SEBI fines stock market influencer Asmita Patel who made Rs 104 crore by selling tips

SEBI concluded that Patel’s assertions about managing a substantial portfolio “appear completely false and were likely made to entice participants to various courses.”

Published

on

Asmita Jitesh Patel, a director of the well-known Asmita Patel Global School of Trading Pvt Ltd, appears to have constructed her business empire through exaggerated claims and false promises of effortless wealth.

One of the most troubling aspects of her approach was the irresponsible advice given to participants in her courses and workshops, including urging them to borrow money for trading and to quit their jobs to pursue trading full-time.

On February 6, the Securities and Exchange Board of India (SEBI) froze illegal profits totalling nearly ₹54 crore and demanded that the school and its directors explain why approximately ₹104 crore in fees should not be confiscated.

SEBI officials found that representatives from the school, including Patel, cited numerous examples of individuals abandoning their jobs and achieving remarkable success after taking her courses or following her trading strategies. For instance, it was claimed that a vice president of a large company increased his trading capital from ₹30 lakh to ₹3 crore, a chartered accountant boosted his capital from ₹30 lakh to ₹12 crore, and an engineer left his job to become a full-time trader, accumulating ₹80 lakh in trading capital.

The SEBI order highlighted that “students/investors/participants were encouraged to leave their jobs and join MPAT (a course offered by her institute) in order to achieve significant success.” Participants were even advised to withdraw from mutual fund investments or to use borrowed money if they lacked sufficient capital. In a recorded conversation with a course participant, Patel suggested borrowing for trading, recommending that the interest rate not exceed 18 per cent.

Over multiple discussions, stock trading was portrayed as a lucrative business with continuous profits. One student was told to anticipate returns of 35-40 per cent, and the risk-reward ratio was touted as 1:3, among other enticing figures.

While SEBI regulations allow minors to hold demat and trading accounts, the operation of these accounts requires the involvement of a guardian, and trading accounts can only be used for selling securities acquired through gifts, transfers, or regulatory directives. According to SEBI’s guidelines, “a minor cannot enter into a contract with a stock broker to buy or sell any security.”

In one video, Patel downplayed the necessity of understanding financial markets or statements, stating that even someone with a basic education who could perform simple arithmetic could invest in stocks.

Patel frequently referred to herself using grandiose titles, dubbing herself the “She Wolf of the stock market” and the “options queen,” asserting that her strategies could yield returns of up to 300 per cent. However, SEBI’s investigation revealed that from 2019 to January 2024, the school and Patel registered trading profits of merely ₹12.28 lakh.

She also claimed to manage portfolios totalling ₹140 crore and oversee funds worth ₹283 crore, but the investigation indicated these figures were grossly inflated. The actual turnover from the trades associated with her accounts and the school was just over ₹15.27 crore, a fraction of her claim regarding the ₹140 crore portfolio.

SEBI concluded that Patel’s assertions about managing a substantial portfolio “appear completely false and were likely made to entice participants to various courses.”

Furthermore, the agreements signed by clients and students enrolling in her programs contained peculiar clauses, one of which stated that any loss in trading capital during the program would not affect the participant’s “mental stability, physical health, and social well-being.”

The agreements included a disclaimer asserting that the institute does not endorse get-rich-quick schemes, emphasizing a belief in hard work and value addition. However, SEBI’s preliminary findings suggested that “despite disclaimers in the agreements with students/investors/participants asserting that it was not a get-rich program and that no returns were guaranteed, the actual circumstances stood in stark contrast.”

India News

PM Modi congratulates BJP’s first Thiruvananthapuram mayor after historic win

PM Modi has congratulated BJP’s VV Rajesh on becoming Thiruvananthapuram’s first BJP mayor, calling the civic poll result a historic shift in Kerala politics.

Published

on

pm modi

Prime Minister Narendra Modi has congratulated BJP leader VV Rajesh on being elected Mayor of the Thiruvananthapuram Corporation, calling the party’s victory a historic milestone in Kerala’s urban political landscape.

In a letter shared by Rajesh on social media, the Prime Minister said the election result marked the end of what he described as a “fixed match” between the CPI(M)-led Left Democratic Front (LDF) and the Congress-led United Democratic Front (UDF), which have dominated the state’s politics for decades.

PM Modi also congratulated GS Asha Nath, who was elected Deputy Mayor on the same day, along with newly elected BJP councillors and party workers for what he termed an epoch-making performance in the local body elections.

PM Modi praises Thiruvananthapuram and BJP workers

Recalling his visits to Kerala’s capital, the Prime Minister described Thiruvananthapuram as a city of cultural, spiritual and intellectual significance, blessed by Sree Padmanabhaswamy and known for nurturing reformers, artists and thinkers.

He said the BJP’s vision of a “Viksit Thiruvananthapuram” resonated with people across social groups, adding that voters had seen the Centre’s work and its focus on urban development in other states.

PM Modi also targeted the LDF and UDF, alleging that both fronts had presided over poor governance, corruption and political violence in the state. He praised BJP workers in Kerala for continuing their efforts despite hostility and adversity, stating that many had raised public issues fearlessly even at personal cost.

According to the Prime Minister, the BJP-NDA is emerging as an alternative “rooted in nationalism without exclusion, development without corruption and governance without appeasement,” particularly appealing to youngsters and women in the state.

BJP records first mayoral win in Kerala capital

VV Rajesh, BJP state secretary and councillor from the Kodunganoor ward, was elected Mayor of Thiruvananthapuram Corporation on December 26. He secured 51 votes, including support from 50 BJP councillors and one independent councillor.

The UDF candidate KS Sabarinathan received 17 votes, while LDF’s RP Shivaji secured 29 votes. GS Asha Nath was elected Deputy Mayor on the same day.

The result marks the first time the BJP has won the mayor’s post in Thiruvananthapuram, signalling a significant breakthrough for the party in Kerala’s urban politics.

Continue Reading

India News

BJP leader targets Shah Rukh Khan over KKR signing of Bangladeshi cricketer

A BJP leader’s remarks against Shah Rukh Khan over KKR signing Bangladeshi cricketer Mustafizur Rahman have triggered sharp political reactions.

Published

on

Shahrukh Khan

A Bharatiya Janata Party (BJP) leader from Uttar Pradesh has sparked controversy after launching a personal attack on actor Shah Rukh Khan over the Kolkata Knight Riders’ (KKR) decision to buy Bangladeshi fast bowler Mustafizur Rahman at the Indian Premier League (IPL) auction.

Sangeet Som, a former member of the Uttar Pradesh Legislative Assembly, referred to Khan as a “traitor” during a public gathering in Meerut, objecting to the inclusion of a Bangladeshi player at a time when reports of atrocities against Hindus and other minorities in Bangladesh have emerged.

Som claimed that while violence against Hindus was taking place in Bangladesh, KKR’s owner had gone ahead and signed a Bangladeshi cricketer. He further alleged that Rahman, who was bought for Rs 9.2 crore during the IPL Players’ Auction held on December 16, would face opposition if he arrived in India to participate in the tournament, which is expected to begin in March.

The BJP leader also accused Shah Rukh Khan of benefiting from the country and then betraying it through such decisions. His remarks drew sharp reactions across the political spectrum.

Spiritual leader Devkinandan Thakur also criticised the KKR management for signing the Bangladeshi player and urged the franchise not to include Rahman in the playing squad. He alleged that the sentiments of Hindus were ignored despite reports of violence in Bangladesh.

Opposition leaders condemned Som’s comments and accused the BJP of targeting the actor unfairly. Leader of the Opposition in the Uttar Pradesh Assembly Mata Prasad Pandey criticised the remarks, while a Congress leader alleged that Shah Rukh Khan was being targeted because of his religious identity.

BJP ally and Uttar Pradesh minister Om Prakash Rajbhar distanced himself from Som’s statements, saying the former MLA often makes such remarks to remain in public attention.

The political row comes at a time when relations between India and Bangladesh have shown signs of strain. Tensions escalated last month after a Hindu man, Dipu Chandra Das, was lynched by a mob in Mymensingh over alleged blasphemy, with his body later set on fire.

Continue Reading

India News

Delhi records very poor air quality as Mumbai sees rain on New Year

Delhi began 2026 under a blanket of smog and intense cold with very poor air quality, while Mumbai witnessed unusual early morning rainfall on the first day of the year.

Published

on

Delhi's air quality

India’s two biggest metropolitan cities ushered in 2026 with sharply contrasting weather patterns. While the national capital remained engulfed in thick smog and severe cold, Mumbai woke up to unexpected rainfall on the first morning of the New Year.

Early visuals from central Delhi, including areas around India Gate and Kartavya Path, showed reduced visibility as pollution levels stayed alarmingly high. Official data indicated that Delhi’s air quality remained in the “very poor” category on Thursday morning.

At 8 am, Delhi recorded an Air Quality Index (AQI) of 371, placing it firmly within the very poor bracket. Several neighbouring cities also reported similar conditions, underlining the widespread impact of pollution across the National Capital Region.

Delhi among most polluted cities

Delhi emerged as the most polluted city in the country on Thursday morning. Noida followed with an AQI reading of 364, while Ghaziabad recorded 338. Greater Noida stood close behind with an AQI of 336. All these cities fell under the very poor air quality category.

Coldest December day in six years

Alongside hazardous pollution levels, Delhi also witnessed an intense cold spell while bidding farewell to 2025. The city recorded its coldest December day in six years on Wednesday, with the maximum temperature dropping sharply to 14.2 degrees Celsius.

Meteorological data showed that the last time Delhi recorded a lower maximum temperature on December 31 was in 2019, when it fell to 9.4 degrees Celsius. The temperature on Wednesday was around 6.2 degrees below normal, marking the lowest maximum recorded this winter season so far.

The minimum temperature settled at 6.4 degrees Celsius, slightly below the seasonal average. December 20 and 21 also saw notably low maximum temperatures earlier in the month.

Weather officials indicated that colder conditions could intensify from January 3 onwards, as cold northerly winds from the Himalayan region are expected to move towards the capital, potentially leading to a further drop in minimum temperatures.

Mumbai wakes up to rain on first day of 2026

In contrast to Delhi’s smog and cold, Mumbai experienced rainfall on the morning of January 1. Several parts of the city, particularly areas in the island city, witnessed showers instead of the usual New Year sunshine.

The rain began shortly before 6 am, with some localities recording heavier showers while others saw light drizzle. The intensity of rainfall reduced gradually after 6.15 am, bringing brief relief but surprising residents on the first day of the year.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com

Left Menu Icon