The world influencers have mushroomed significantly in the recent past, particularly since the beginning of the pandemic. These ‘professionals’ who find their platform on major social media websites have converted their hobbies into their livelihood. In this domain, finfluencers or financial influencers are another tranche of influencers who have gained a great amount of influence.
Finfluncer Slapped With Rs 9.5 Crore Fine
One such influencer and YouTuber, Ravindra Balu Bharti has been brought under legal scrutiny. Recently, the market regulator, the Security Exchange Board of India or SEBI slapped a fine of a mammoth Rs 9.5 crore on Ravindra Balu Bharti.
The punitive action against Bharti and his company, Ravindra Bharti Education Institute, was taken for operating an unregistered investment advisory business.
The first legal action against Bharti came to pass earlier this year, in April, when market watchdog SEBI ordered him to pay a fine of over Rs 12 crore.
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Who Is Ravindra Balu Bharti?
Bharti is a Maharastra-based YouTuber and finfluncer, who found fortune in the world of equity markets by creating a platform and giving his thoughts and advice on how to invest in the markets.
His rise came at a crucial juncture, as with the advent of technology and better internet services, the number of investors, who trade in the markets has gone up monumentally.
YouTube Channels In Hindi & Marathi
Many of those, who join this avenue are new to the functioning and ways of the system. This lack of exposure to the nitty-gritty of the said system leads to many relying on finfluncers like Bharti.
Bharti used this opportunity to produce financial content on YouTube. Looking at the demographic in hand, Bharti diversified his networks, offering content in Hindi and the native Marathi languages.
His YouTube channels before the punitive actions wielded a significant amount of influence. This is because these channels raked up a following of over 2 million subscribers.
Rs 12 Crore Fine
Furthering his influence, he also managed to set up the Ravindra Bharti Education Institute in Pune, Maharashtra.
The first legal action against Bharti came to pass earlier this year, in April, when market watchdog SEBI ordered him to pay a fine of over Rs 12 crore.
Bharti created Ravindra Bharti Education Institute Pvt Ltd (RBEIPL) in 2016, along with his family members Shubhangi Bharti, among others.
Bharti is a Maharastra-based YouTuber and finfluncer, who found fortune in the world of equity markets by creating a platform and giving his thoughts and advice on how to invest in the markets.
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Bharti and Associates Barred From Market
In addition, SEBI also banned Ravindra Bharti, Shubhangi Bharti, and directors Rahul Ananta Gosavi, and Dhanashri Chandrakant Gosavi from trading securities in the market.
The market regulator said, “The YouTuber influencer, his company and three associates are “restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, till April 4, 2025”.
According to SEBI, Bharti and co, misused the system and that investor confidence was compromised, and the system was tweaked for the personal gain of Bharti.