SEBI Action on Finfluencer: Barred Asmita Patel and 5 Others from Stock Market

The Securities and Exchange Board of India (SEBI), the market regulator, has barred finfluencer Asmita Patel, also known as “She Wolf“ and 5 others from participating in the market, while also confiscating illegal gains exceeding ₹53 crore.

SEBI Barred She Wolf Asmita Patel From Stock Market

On Thursday, February 6, SEBI issued an interim order and a show-cause notice, preventing 6 entities—including Asmita Patel Global School of Trading Pvt Ltd (APGSOT), Asmita Jitesh Patel, Jitesh Jethalal Patel, King Traders, Gemini Enterprise, and United Enterprises—from engaging in capital market activities.

The market regulator has requested an explanation from the accused parties regarding why an additional ₹104.63 crore, derived from fees for various programs, should not be seized.

The order, issued by SEBI’s full-time member Kamlesh Varshney, followed complaints from 42 clients of Asmita Patel.

What Did SEBI’s Order State?

The order noted that Patel provided stock recommendations to investors through private Telegram channels, Zoom meetings, and educational courses. According to SEBI, Patel offered these services without the mandatory SEBI registration, thereby violating regulations. The order also highlighted that “students/investors/participants were encouraged to leave their jobs and join MPAT (a course run by her institute) to achieve significant success.”

The market regulator found that the accused had violated RIA/RA rules by making false claims about returns and misleading customer testimonials.

The order provided an example of a former vice president of a major company who quit their job to become a full-time trader. This individual claimed to have grown their trading capital from ₹30 lakh to ₹3 crore and affirmed that without actively monitoring the market, they continued to profit through the systems and setup provided by Patel.

Patel, however, claimed to have received the “Times Leading Icon 2021” award for “Excellence in Financial Education” and was recognized in the “Niveshak Naari” (2024) category as an influential female trader and educator.

SEBI’s investigation revealed that Patel and her firm made inflated claims about their trading turnover and profits.

“According to replies from stockbrokers, the accused entities earned a net profit of ₹12,28,365 between 2019-20 and January 30, 2024. Based on these findings, it appears the profit made by the accused is inconsistent with the claims presented in the courses offered by Patel,” SEBI stated.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.