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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.”

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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.”

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Supreme Court questions EC over missing records in Sringeri election dispute

The Supreme Court questioned the Election Commission over missing video footage of the 2023 counting in Karnataka’s Sringeri constituency. The case involves a revised result following a recount of postal ballots.

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The Supreme Court on Wednesday questioned the Election Commission of India (ECI) over its inability to locate video recordings of the original vote counting in Karnataka’s Sringeri Assembly constituency in 2023. The court said it would not accept what it described as “lame excuses” and directed the poll body to produce whatever records are available at the next hearing.

A bench of Justices Sanjay Kumar and Sanjeev Sachdeva expressed displeasure after the Election Commission’s counsel informed it that the footage of the original counting could not be traced.

The bench also warned that it could draw an adverse inference if the required documents were not produced.

Questioning how the poll body could lose records relating to an election it had conducted, the judges stressed that maintaining election documentation was central to its responsibilities.

“How can the Election Commission of India say that it has lost the records? Your whole purpose is to hold an election, and you need to have a document. Where is the question of you saying we are trying to trace it?” the bench asked.

“We will not accept these kinds of lame excuses,” it added.

What is the Sringeri election dispute?

The case stems from the 2023 Karnataka Assembly election in Sringeri, where Congress leader TD Rajegowda was initially declared the winner.

The result was challenged by BJP candidate Jeevaraj before the Karnataka High Court. The High Court later ordered a recount of postal ballots, including the reverification of 279 rejected postal votes.

Following the recount, the Returning Officer declared a revised result in which Jeevaraj was declared the winner. Rajegowda then approached the Supreme Court to challenge the revised outcome.

In May, the Supreme Court granted interim relief to Rajegowda, directing that he continue as the Member of the Legislative Assembly while his plea remained pending.

Rajegowda seeks counting records and observer’s report

Rajegowda has sought access to the election observer’s report and video recordings of both the original counting conducted in 2023 and the recount held this year.

The missing original counting footage became a point of concern during Wednesday’s hearing, with the bench questioning the Election Commission’s inability to trace the recording.

The court directed the Commission to submit whatever records it possesses at the next hearing. Its warning about a possible adverse inference underscores the importance the bench attached to the production of the requested documents.

The court has scheduled the next hearing for February 15, 2027.

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Rahul Gandhi joins India Gate protest by Ankita Bhandari’s parents

Rahul Gandhi joined the protest by Ankita Bhandari’s parents at India Gate in New Delhi on October 14. The demonstration has brought renewed attention to the 2022 murder case and the family’s concerns following Dushyant Gautam’s appointment as Sikkim Governor.

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Congress leader Rahul Gandhi joined a protest by the parents of Ankita Bhandari at India Gate in New Delhi on Wednesday, October 14, bringing renewed attention to the 2022 murder case from Uttarakhand.

The family’s demonstration follows the appointment of Dushyant Gautam, a former BJP leader associated with the party’s Uttarakhand organisation, as Governor of Sikkim. The appointment has prompted objections from Ankita’s family and political leaders, who have raised concerns about the case and the demand for justice.

Congress MP Priyanka Gandhi Vadra also met the family, according to reports.

Why Ankita Bhandari’s family is protesting

Ankita Bhandari, 19, worked as a receptionist at a resort in Uttarakhand. She was murdered in September 2022, and the case triggered widespread public anger and demands for accountability.

The protest has returned to the spotlight amid questions raised by the family and activists over the alleged role of a VIP in the case. These allegations and demands should be distinguished from findings established through the criminal proceedings.

Dushyant Gautam’s appointment as Sikkim Governor has become a fresh point of contention because his name has been linked to allegations surrounding the alleged VIP connection. Such allegations should not be treated as proof of involvement in the crime.

Political reactions and demand for justice

Rahul Gandhi’s participation brought the Congress leadership into the family’s latest protest in the national capital. The demonstration reflects continuing demands for accountability and further clarity over the concerns raised by the family.

The case has remained a subject of public and political debate, including questions about the investigation and the alleged VIP connection. The family’s concerns and the political reactions have renewed attention on the demand for justice for Ankita Bhandari.

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Meerut murder: Muskaan Rastogi and Sahil Shukla get death sentence

A Meerut court has sentenced Muskaan Rastogi and Sahil Shukla to death in the blue drum murder case involving the killing of merchant navy officer Saurabh Rajput in March 2025.

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A court in Meerut has sentenced Muskaan Rastogi and Sahil Shukla to death for the murder of Saurabh Rajput, Muskaan’s husband and a former Merchant Navy officer. The sentencing was pronounced on Wednesday, October 14, 2026, after the court convicted the two in the case widely known as the Meerut blue drum murder.

The case involved the killing of Rajput in March 2025 and the concealment of his dismembered remains inside a blue plastic drum sealed with cement and sand.

The two were convicted on September 30. The prosecution had sought the death penalty, arguing for the maximum punishment in the case.

Court verdict follows 126 hearings

The trial involved 126 hearings and statements from 22 prosecution witnesses. District Judge Arvind Kumar Mishra delivered the sentence after the court considered the evidence presented during the proceedings.

The investigation and prosecution relied on a combination of circumstantial, technical and physical evidence. This included forensic findings, witness testimony and material recovered during the investigation.

The case drew attention after police discovered Rajput’s remains inside the cement-filled drum at the couple’s residence in Meerut.

How Saurabh Rajput was killed

According to the prosecution’s account of the case, Rajput was killed in March 2025 after he returned to Meerut from London. Investigators alleged that Muskaan and Sahil had planned the murder.

The prosecution said Rajput was given food laced with sleeping medication before he was attacked. His body was subsequently dismembered, and the remains were placed inside a blue plastic drum.

The drum was filled with a mixture containing cement and sand and sealed. Investigators later recovered the remains from inside it.

Evidence presented during the investigation

Investigators built the case using several strands of evidence. Shopkeepers provided testimony about the purchase of materials, including a blue drum, cement, sand and cutting implements, before the murder.

Call detail records and mobile tower information were also cited to establish Sahil’s presence at the residence around the time of the crime. The prosecution further relied on post-mortem findings that confirmed Rajput had died from stab injuries.

The investigation also traced the movements of Muskaan and Sahil during their trip to Himachal Pradesh following the killing. Investigators said photographs and activity linked to Rajput’s phone were used to create the impression that he was still alive.

The case came to light in March 2025

The murder came to light after questions arose over Rajput’s whereabouts. According to the investigation, the couple’s attempt to move the heavy drum eventually raised suspicion.

Rajput’s family approached the police, leading to an investigation that uncovered the remains. Muskaan and Sahil were arrested in March 2025.

The sentencing on October 14 marks a major development in the case, which had proceeded from the discovery of Rajput’s remains to a trial involving dozens of witness statements and more than a hundred hearings.

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