The Securities and Exchange Board of India has once again cracked down on those who indulge in rigging the stock market. SEBI has banned a YouTuber named Asmita Jitendra Patel. It is alleged that Asmita has defrauded investors of Rs 104 crore through wrong trading tips, out of which SEBI has also seized Rs 54 crore.

According to the report, Asmita Patel runs the Global School of Trading Private Limited platform and teaches about trading in the stock market there. But, under the banner of an education channel, she committed a fraud of more than 100 crores. SEBI found in its investigation that she used to run paid courses like Lets Make India Trade (LMIT), Masters in Price Action Trading (MPAT) and Options Multiplier (OM) on her platform and in those courses, along with teaching trading, advice was also being given on investing in the market. This was revealed by some teachers associated with her platform.

SEBI found in its investigation that in the name of teaching trading, she used to ask people to buy some selected shares. Advice to buy and sell shares was given through the messaging app Telegram. Not only this, Asmita also used to open accounts of the investors associated with her in a particular brokerage firm.

SEBI has banned Asmita Patel and her husband Jitesh Jetlal Patel and four other organizations from giving investment advice and providing research services. SEBI has sought an explanation from their company as to why they should not be banned. If they are unable to give a proper answer to this, then further strict action can be taken against them.