Latest news with #GensolEngineering
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Business Standard
11 hours ago
- Business
- Business Standard
Gensol, BluSmart face insolvency heat as NCLT issues fresh notices
Amid mounting trouble, the National Company Law Tribunal (NCLT) on Tuesday served notices to EV ride-hailing firm BluSmart Mobility Ltd and Gensol Engineering Ltd in connection with three insolvency pleas filed by financial creditors citing outstanding payments. Two of the petitions, filed by Spectrum Trimpex Pvt Ltd and Catalyst Trusteeship Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), allege that BluSmart defaulted on dues of ₹1 crore each, reported Mint. Meanwhile, Equentia Financial Services Pvt Ltd has alleged that Gensol Engineering owes it nearly ₹9 crore. The tribunal ordered the firms to file their responses within seven days. ALSO READ: NCLT allows govt to freeze Gensol Engineering accounts in fraud probe Mounting dues Last month, state-run Indian Renewable Energy Development Agency (Ireda), also filed a petition under Section 7 of the IBC against Gensol Engineering after the company defaulted on a ₹510 crore loan, the company said in a stock exchange filing. Similarly, the Centre filed a petition against Gensol through the Ministry of Corporate Affairs (MCA) citing grave violations of corporate governance norms, diversion of funds, and financial misstatements. Ireda's plea has been listed for June 11, while MCA's matter will be taken up on June 13. ALSO READ: MCA aims to complete Gensol Engineering probe in three to five months Accounts frozen Last week, the tribunal also allowed the Centre to freeze the bank accounts and lockers of Gensol Engineering Ltd, its 10 subsidiaries, and several individuals after multiple investigations revealed major financial irregularities. ALSO READ: Gensol CFO resigns amid regulatory probes, cites data disarray, chaos What the case is about Gensol Engineering came under regulatory scrutiny when market regulator Securities and Exchange Board of India (Sebi) initiated an investigation in June 2024 following complaints of share price manipulation and fund diversion by the company's promoters. The probe followed an interim order issued on April 15, 2025, wherein Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market and holding key managerial positions within the company. The investigation revealed that Gensol had secured loans totalling approximately ₹977.75 crore from institutions like Ireda and Power Finance Corporation (PFC) for the procurement of electric vehicles. However, only a portion of these funds was utilised for the intended purpose, with the remainder allegedly diverted for personal expenses and unrelated investments, including a luxury apartment in Gurugram.
Mint
17 hours ago
- Business
- Mint
NCLT issues notices to BluSmart Mobility and Gensol on three fresh insolvency pleas
The National Company Law Tribunal (NCLT) on Tuesday issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth ₹ 1 crore each. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around ₹ 9 crore. The NCLT's Ahmedabad bench has directed both companies to file their responses within seven days. Separately, the tribunal adjourned the hearing on an earlier insolvency plea filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol, involving a ₹ 510 crore loan default. The IREDA plea is now scheduled to be heard on 11 June. During previous proceedings, IREDA described Gensol as 'headless' and urged the tribunal to immediately appoint an interim resolution professional to protect the company's assets, alleging that its directors had fled following an order by the Securities and Exchange Board of India (Sebi). The tribunal also ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering Ltd and its associated entities, based on findings by the ministry of corporate affairs (MCA), Sebi, and the Serious Fraud Investigation Office (SFIO). The MCA had sought urgent action, which the tribunal approved. On 28 May, the Debt Recovery Tribunal (DRT) restrained Gensol Engineering and its subsidiary, Gensol EV Lease Ltd, from selling, transferring, or creating third-party rights over their immovable and movable secured assets. This followed petitions by state-run lenders IREDA and Power Finance Corp. Ltd, seeking to recover dues totalling approximately ₹ 992 crore. BluSmart and Gensol Engineering are facing allegations of corporate fraud and financial misconduct by the MCA, alongside Sebi's ongoing probe. In an interim order on 15 April, Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market, citing governance lapses and fund diversion. Sebi also prohibited the promoters from holding any directorial or key managerial positions at Gensol until further notice. According to the regulator, Gensol had secured ₹ 977.75 crore in loans, including ₹ 663.89 crore intended for the purchase of 6,400 EVs, which were later leased to BluSmart, a related party. On 12 May, the Jaggi brothers resigned from their positions as managing director and whole-time director, respectively.
Time of India
6 days ago
- Business
- Time of India
Gensol Engineering's downfall: 92% stock crash and frozen funds — Here's what happened?
Gensol Engineering 's share price has experienced a significant drop in 2025 since the regulatory turmoil faced by its now-defunct electric ride-hailing venture, BlueSmart--under which the promoters of the firm were accused of misappropriating funds. In fresh woes for the firm, the National Company Law Tribunal (NCLT) in Ahmedabad has frozen the company's bank accounts and lockers, along with those of its promoters and 34 connected entities, due to corporate governance concerns and alleged fund diversion and more, reports Financial Express. Let us dive deeper into what is happening with Gensol- -The action, prompted by regulatory concerns about fund diversion and misconduct, involves multiple agencies and a coordinated effort to investigate the company's financial activities, with a key hearing scheduled for June 3, 2025, to review asset disclosures. -Gensol Engineering's share price has fallen 92 per cent so far in 2025. This decline follows ongoing corporate governance issues. -The National Company Law Tribunal (NCLT), Ahmedabad, has taken action against the company. The NCLT has frozen every bank account and locker linked to Gensol, its promoters, and 34 other connected entities. -Trading in Gensol's and the promoters securities on both BSE and NSE is suspended until further notice, says CNBC TV-18. -The order, granted on May 28, mandated immediate action from the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA). The goal was to secure cash before it could 'vanish into thin air,' as one broker quipped, as per CNBC TV18 report. -Regulators allege a multi-layered scheme of fund diversion, doctored ledgers, and asset sales disguised as routine business moves. The Ministry of Corporate Affairs (MCA) approached the NCLT after preliminary probes hinted at 'grave misconduct' by Gensol's top brass. -The tribunal agreed that waiting might mean watching evidence evaporate, hence the emergency freeze. What will happen to the assets? While the NCLT froze liquid assets, the Debt Recovery Tribunal (DRT) in Delhi targeted physical assets. These include bricks, mortar, and steel, plus a fleet of electric vehicles. The DRT restrained promoters Anmol Singh Jaggi and Puneet Singh Jaggi from selling or shifting any secured assets. A court-appointed officer is preparing to seize hypothecated EVs. Depositories CDSL and NSDL have simultaneously frozen the promoters' demat accounts. This blocks any off-market share transfers, according to a CNBC TV18 report. Investigators say as much as ₹975 crore, originally borrowed for Gensol's EV subsidiary, may have been siphoned off. Gensol; a matter of public interest? Multiple agencies are now working together. These include the SFIO, SEBI, RBI, Income-Tax Department, and MCA. They are calling the case 'a matter of public interest.' All eyes now shift to June 3, 2025, when the matter returns to the regular NCLT bench. By then, every respondent must disclose worldwide assets. These assets include the movable, immovable, tangible, and intangible. Any attempt to mortgage, sell, or gift those assets could be deemed contempt of court.
Economic Times
26-05-2025
- Business
- Economic Times
Lost money to finfluencers' advice? All that glitters is not gold, here's how to steer clear of non-credible financial advice
Tired of too many ads? Remove Ads Lack of transparency Tired of too many ads? Remove Ads Popular in Wealth 1. FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks Tired of too many ads? Remove Ads Who's most at risk? Be selective in trusting Regulating advice Despite tighter regulations and slightly increased awareness of the risks, the recent Gensol Engineering case shows that the menace of unregistered advisers (most finfluencers would fall here) persists. As per a 18 April story in The Economic Times ( some investors lost up to 95% of their wealth. The story pointed out how finfluencners like Aditya Joshi and Prashant Mishra were taken in by the phenomenal rise of Gensol promoters Anmol Singh Jaggi and his brother Puneet Singh Jaggi, and then caught off-guard when corporate governance issues came to light. Sadly, this is not the Gensol episode is yet another wake-up call—even for those who didn't invest in it. Acting on social media tips without verifying the facts can land investors in a trap. While some influencers may unknowingly promote dubious stocks, others do so with clear intent.'Many are paid to create hype as part of pump-and-dump operations. They don't gain from the stock's performance. Their earnings come from promotional fees, while the real operators quietly exit, leaving retail investors exposed,' says Piyush Singh, a stock trading expert who documented the finfluencers saga at Gensol in detail after the Securities and Exchange Board of India Sebi ) probe was revealed.A 20 March 2025 survey by the CFA Institute reveals that 59% of Indian finfluencers have had one or more brand sponsorships yet 63% of them failed to disclose their financial affiliations. The findings are based on a poll of 1,615 retail investors and a content review of 51 lack of transparency makes it difficult to distinguish between genuine advice and paid promotions. 'Don't invest in stocks unless you know how to analyse them fundamentally,' cautions Rs.2 lakh in Tejas Networks when the share price was Rs.1,150. Now his investments are down a third of the amount of stock (X@adeptmarket)The Gensol incident is a mere drop in the bucket. In 2022, a similar case emerged with crypto platform Vauld, heavily promoted by finfluencers; the platform later blocked withdrawals, leaving many investors stranded. Yet, such incidents rarely prompt caution until investors suffer losses Delhi-based data professional, Anurag Rawat. He invested Rs.2 lakh in Tejas Networks at Rs.1,150 per share, following a recommendation from a finfluencer on X known as Grandmaster of stock @Adept Market. Today, the stock trades at Rs.742; a fall of nearly 36% below his purchase price. 'It was hard to even save that money since I had just started working,' Rawat had clearly ignored the disclaimer in the influencer's bio — 'not Sebi-registered' and 'only for educational purposes.' Like many new investors, Rawat hoped to strike it big. Now he is more cautious. 'I don't rely on anyone's advice on social media anymore. I stick to credible news sources and registered advisers,' he experience is not unique. Nearly 17% of investors admitted to losing money by following influencer advice as per the CFA institute survey. It's tempting to believe you won't fall into this category — until you investors are even more vulnerable, falling for advice that doesn't even come from well-known sources. Hyderabad-based Sandeep Shukla, for instance, invested Rs.2.5 lakh from his father's Provident Fund (PF) and savings after receiving a direct message on Instagram from an unknown user promoting a Telegram channel with daily stock trading tips.'I had made the worst decision of my life. While I made small profits at first, I eventually lost everything,' he says. This shows that the danger doesn't only lie in blindly following well-known influencers, but also in trusting financial tips from unverified sources on social market regulator Sebi has warned investors many times to stay away from unregistered advisers, including the latest advisory issued on 21 May, cautioning the public about fake profiles impersonating celebrities, public figures and Sebi-registered entities. In Shukla's case, it wasn't a finfluencer who misled him, it was his lack of is now financially literate. Investors' greed also plays a you see a finfluencer following any of these practices, RUN!Any stock recommendation should come with clear, verifiable reasons— something that can be cross-checked by the an impossible target, like `2,500 for a stock currently priced at `300, is a warning influencers often don't track their advice. They delete posts after a week and vanish without a out if they run down others while promoting their own offerings, saying 'do it yourself' and 'buy my course.'If they push you to join an Insta or Telegram group that leads to losses, beware—it could be part of a hidden investments you do not understand. Also, if it's too good to be true, it is indeed too good to be cautious of influencers who offer paid trading tips—it's often a tactic designed to lead you to losses.A mix of low financial literacy and the lure of quick money often draws young investors to unverified online advice. The CFA survey shows those aged between 26-30 are most likely to seek guidance on YouTube and Instagram. Traditional advice can feel intimidating, while finfluencers use relatable language, memes, and reels to simplify things. Investors should be cautious. Bold claims that a stock will 'skyrocket' without solid reasoning are red flags. Many such voices are either pushing paid courses, promoting companies for a fee, or building a personal brand without real expertise. Some also earn commissions through broker tieups when investors buy stocks they reckless advice extends beyond stocks. During the crypto boom, many finfluencers hyped it up. In 2022, Jaipur student Gaurav Sharma invested Rs.60,000 after watching finfluencer Akshat Shrivastava praise crypto returns. A few months later, market volatility wiped it all out. ET Wealth reached out to Shrivastava through LinkedIn, email, and X but didn't receive a victim to a Telegram channel that provided stock market trading tips. He invested Rs.2.5 lakh from his father's PF and savings account and lost all of that in a matter of trader'That's when I decided never to act on online advice blindly. I turned to a registered professional instead,' says Sharma, who consulted certified financial planner Anish Aggarwal. 'He helped me understand the value of SIPs and long-term investing.' Sharma now sticks to the mutual funds route building wealth in a sustainable financial advice flooding the internet, identifying who to trust can be overwhelming. Some finfluencers genuinely aim to simplify money matters and guide investors towards better decision-making. For instance, Pranjal Kamra, a well-known finfluencer is also a Sebi-registered investment adviser. 'We do not deal in intraday trading, currency or commodity futures and options, or individual stocks. Even morally, it's risky to recommend volatile assets on social media — viewers may see a buy call but miss the later sell, creating a communication gap,' he how to separate the helpful from the harmful is critical. Look for educators or channels who focus on long-term financial behaviour, not shortcuts or quick wins. Finfluencers selling courses, naming specific stocks, or pushing 'get-rich-quick' strategies should raise red flagsMost importantly, check credentials. Stick to advisers registered with Sebi — it's easy to verify this on its website by searching for their name or registration number in the intermediary directory. This will help you filter out the noise because of the 51 Indian finfluencers surveyed by the CFA Institute, only 2% were Sebi-registered. These licensed advisers are bound by professional standards and can be held accountable for misinformation or unethical Rs.60,000 in crypto through Vauld due to the promise of high returns but ended up losing it all. Even if he hadn't suffered a loss, he would have lost his money due to the Vauld ShrivastavaSebi is already taking steps to rein in unregulated finfluencers (See Clickbait to crackdown, P4), such as restricting the use of live market data by those offering trading tips under the guise of education. 'Sebi's move to bring unregulated advisers under the regulatory framework is commendable, but there's still a long way to go. Several loopholes remain,' says Anand K. Rathi, Co-founder, MIRA Chitlangia, Founder of FinShiksha, echoes the need for regulatory clarity. 'It's tough to monitor everything shared on social media. Sebi should also focus on building awareness among content consumers so that they can distinguish between credible and dubious advice,' he financial awareness is the strongest defence. If you're consuming content online, you are responsible for evaluating it critically. Recognise your own psychological biases like fear of missing out or greed and pause before following any advice or a random channel. In the age of content overload, financial caution is if you find yourself often relying on finfluencers for guidance, or worse, tips from social media or through Telegram channels you are a part of, then you need the help of a Sebi-registered investment adviser or a good mutual fund distributor, both with a good track financial advice on social media went wrong for Singapore-based crypto lending platform suspended operations in July 2022, leaving investors in limbo. Finfluencers such as Ankur Warikoo—who earned `4.47 lakh for promoting it—were associated with the brand. 'It is the responsibility of every creator to have skin in the game because talk is cheap,' Warikoo later told a Ansari positioned himself as a stock market expert, enticing investors with promises of guaranteed returns of at least Rs.3 lakh and offering multiple stock tips. Sebi later banned him and imposed a hefty fine of Rs.17.2 prices of Sadhna and Sharpline Broadcast were artificially inflated through misleading YouTube channels—'The Advisor' and 'Moneywise'—run by Manish Mishra. Sebi barred Mishra from the securities market for allegedly deceiving aspiring traders lost money to this. Sebi cracked down on Asmita Patel for running an unregistered investment advisory under the guise of an education program, charging students Rs.7 lakh for a course promising market mastery.
Time of India
26-05-2025
- Business
- Time of India
Lost money to finfluencers' advice? All that glitters is not gold, here's how to steer clear of non-credible financial advice
Tired of too many ads? Remove Ads Lack of transparency Tired of too many ads? Remove Ads Popular in Wealth 1. FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks Tired of too many ads? Remove Ads Who's most at risk? Be selective in trusting Regulating advice Despite tighter regulations and slightly increased awareness of the risks, the recent Gensol Engineering case shows that the menace of unregistered advisers (most finfluencers would fall here) persists. As per a 18 April story in The Economic Times ( some investors lost up to 95% of their wealth. The story pointed out how finfluencners like Aditya Joshi and Prashant Mishra were taken in by the phenomenal rise of Gensol promoters Anmol Singh Jaggi and his brother Puneet Singh Jaggi, and then caught off-guard when corporate governance issues came to light. Sadly, this is not the Gensol episode is yet another wake-up call—even for those who didn't invest in it. Acting on social media tips without verifying the facts can land investors in a trap. While some influencers may unknowingly promote dubious stocks, others do so with clear intent.'Many are paid to create hype as part of pump-and-dump operations. They don't gain from the stock's performance. Their earnings come from promotional fees, while the real operators quietly exit, leaving retail investors exposed,' says Piyush Singh, a stock trading expert who documented the finfluencers saga at Gensol in detail after the Securities and Exchange Board of India Sebi ) probe was revealed.A 20 March 2025 survey by the CFA Institute reveals that 59% of Indian finfluencers have had one or more brand sponsorships yet 63% of them failed to disclose their financial affiliations. The findings are based on a poll of 1,615 retail investors and a content review of 51 lack of transparency makes it difficult to distinguish between genuine advice and paid promotions. 'Don't invest in stocks unless you know how to analyse them fundamentally,' cautions Rs.2 lakh in Tejas Networks when the share price was Rs.1,150. Now his investments are down a third of the amount of stock (X@adeptmarket)The Gensol incident is a mere drop in the bucket. In 2022, a similar case emerged with crypto platform Vauld, heavily promoted by finfluencers; the platform later blocked withdrawals, leaving many investors stranded. Yet, such incidents rarely prompt caution until investors suffer losses Delhi-based data professional, Anurag Rawat. He invested Rs.2 lakh in Tejas Networks at Rs.1,150 per share, following a recommendation from a finfluencer on X known as Grandmaster of stock @Adept Market. Today, the stock trades at Rs.742; a fall of nearly 36% below his purchase price. 'It was hard to even save that money since I had just started working,' Rawat had clearly ignored the disclaimer in the influencer's bio — 'not Sebi-registered' and 'only for educational purposes.' Like many new investors, Rawat hoped to strike it big. Now he is more cautious. 'I don't rely on anyone's advice on social media anymore. I stick to credible news sources and registered advisers,' he experience is not unique. Nearly 17% of investors admitted to losing money by following influencer advice as per the CFA institute survey. It's tempting to believe you won't fall into this category — until you investors are even more vulnerable, falling for advice that doesn't even come from well-known sources. Hyderabad-based Sandeep Shukla, for instance, invested Rs.2.5 lakh from his father's Provident Fund (PF) and savings after receiving a direct message on Instagram from an unknown user promoting a Telegram channel with daily stock trading tips.'I had made the worst decision of my life. While I made small profits at first, I eventually lost everything,' he says. This shows that the danger doesn't only lie in blindly following well-known influencers, but also in trusting financial tips from unverified sources on social market regulator Sebi has warned investors many times to stay away from unregistered advisers, including the latest advisory issued on 21 May, cautioning the public about fake profiles impersonating celebrities, public figures and Sebi-registered entities. In Shukla's case, it wasn't a finfluencer who misled him, it was his lack of is now financially literate. Investors' greed also plays a you see a finfluencer following any of these practices, RUN!Any stock recommendation should come with clear, verifiable reasons— something that can be cross-checked by the an impossible target, like `2,500 for a stock currently priced at `300, is a warning influencers often don't track their advice. They delete posts after a week and vanish without a out if they run down others while promoting their own offerings, saying 'do it yourself' and 'buy my course.'If they push you to join an Insta or Telegram group that leads to losses, beware—it could be part of a hidden investments you do not understand. Also, if it's too good to be true, it is indeed too good to be cautious of influencers who offer paid trading tips—it's often a tactic designed to lead you to losses.A mix of low financial literacy and the lure of quick money often draws young investors to unverified online advice. The CFA survey shows those aged between 26-30 are most likely to seek guidance on YouTube and Instagram. Traditional advice can feel intimidating, while finfluencers use relatable language, memes, and reels to simplify things. Investors should be cautious. Bold claims that a stock will 'skyrocket' without solid reasoning are red flags. Many such voices are either pushing paid courses, promoting companies for a fee, or building a personal brand without real expertise. Some also earn commissions through broker tieups when investors buy stocks they reckless advice extends beyond stocks. During the crypto boom, many finfluencers hyped it up. In 2022, Jaipur student Gaurav Sharma invested Rs.60,000 after watching finfluencer Akshat Shrivastava praise crypto returns. A few months later, market volatility wiped it all out. ET Wealth reached out to Shrivastava through LinkedIn, email, and X but didn't receive a victim to a Telegram channel that provided stock market trading tips. He invested Rs.2.5 lakh from his father's PF and savings account and lost all of that in a matter of trader'That's when I decided never to act on online advice blindly. I turned to a registered professional instead,' says Sharma, who consulted certified financial planner Anish Aggarwal. 'He helped me understand the value of SIPs and long-term investing.' Sharma now sticks to the mutual funds route building wealth in a sustainable financial advice flooding the internet, identifying who to trust can be overwhelming. Some finfluencers genuinely aim to simplify money matters and guide investors towards better decision-making. For instance, Pranjal Kamra, a well-known finfluencer is also a Sebi-registered investment adviser. 'We do not deal in intraday trading, currency or commodity futures and options, or individual stocks. Even morally, it's risky to recommend volatile assets on social media — viewers may see a buy call but miss the later sell, creating a communication gap,' he how to separate the helpful from the harmful is critical. Look for educators or channels who focus on long-term financial behaviour, not shortcuts or quick wins. Finfluencers selling courses, naming specific stocks, or pushing 'get-rich-quick' strategies should raise red flagsMost importantly, check credentials. Stick to advisers registered with Sebi — it's easy to verify this on its website by searching for their name or registration number in the intermediary directory. This will help you filter out the noise because of the 51 Indian finfluencers surveyed by the CFA Institute, only 2% were Sebi-registered. These licensed advisers are bound by professional standards and can be held accountable for misinformation or unethical Rs.60,000 in crypto through Vauld due to the promise of high returns but ended up losing it all. Even if he hadn't suffered a loss, he would have lost his money due to the Vauld ShrivastavaSebi is already taking steps to rein in unregulated finfluencers (See Clickbait to crackdown, P4), such as restricting the use of live market data by those offering trading tips under the guise of education. 'Sebi's move to bring unregulated advisers under the regulatory framework is commendable, but there's still a long way to go. Several loopholes remain,' says Anand K. Rathi, Co-founder, MIRA Chitlangia, Founder of FinShiksha, echoes the need for regulatory clarity. 'It's tough to monitor everything shared on social media. Sebi should also focus on building awareness among content consumers so that they can distinguish between credible and dubious advice,' he financial awareness is the strongest defence. If you're consuming content online, you are responsible for evaluating it critically. Recognise your own psychological biases like fear of missing out or greed and pause before following any advice or a random channel. In the age of content overload, financial caution is if you find yourself often relying on finfluencers for guidance, or worse, tips from social media or through Telegram channels you are a part of, then you need the help of a Sebi-registered investment adviser or a good mutual fund distributor, both with a good track financial advice on social media went wrong for Singapore-based crypto lending platform suspended operations in July 2022, leaving investors in limbo. Finfluencers such as Ankur Warikoo—who earned `4.47 lakh for promoting it—were associated with the brand. 'It is the responsibility of every creator to have skin in the game because talk is cheap,' Warikoo later told a Ansari positioned himself as a stock market expert, enticing investors with promises of guaranteed returns of at least Rs.3 lakh and offering multiple stock tips. Sebi later banned him and imposed a hefty fine of Rs.17.2 prices of Sadhna and Sharpline Broadcast were artificially inflated through misleading YouTube channels—'The Advisor' and 'Moneywise'—run by Manish Mishra. Sebi barred Mishra from the securities market for allegedly deceiving aspiring traders lost money to this. Sebi cracked down on Asmita Patel for running an unregistered investment advisory under the guise of an education program, charging students Rs.7 lakh for a course promising market mastery.
