# Ban on India's stock market 'She-Wolf' puts regulators on the spot

## By Archana Shukla • 

### 2 March 2025

Asmita Patel, a popular financial influencer, was barred from trading by the Securities and Exchange Board of India (Sebi) due to selling illegal stock tips disguised as investor education. The ban highlights the need for regulatory oversight of social media platforms offering stock trading advice.

### Article

YouTuber Asmita Patel's mission was to "make India trade." The "She-Wolf of the stock market" was her nickname, with a YouTube channel attracting over half a million subscribers. Patel's fees for stock trading courses reached thousands of rupees.

Last month, Sebi put a spanner in the works, barring Patel and six other influencers. Patel's advisor, Jitesh, directed students to trade specific stocks through his advisory firm, misleadingly claiming the courses were educational. Sebi's crackdown is a recent attempt to tighten the noose around social media influencers offering quick money schemes and trading advice disguised as education.

### Market Boom

India's post-pandemic market boom attracted a wave of new mom-and-pop investors. Online trading accounts grew from merely 36 million in 2019 to over 150 million last year, data from Zerodha shows. Many first-time market entrants relied on social media for trading tips, creating a new breed of influencers. Most operated without regulatory registration, blurring the line between investment advice and stock market education.

### Regulatory Actions

Sebi's actions in Patel's case include banning brokerages and market players from partnering with influencers who peddle illegal stock tips or make misleading return claims. The regulator found Patel and her husband, Jitesh, directing students and investors to trade specific stocks through their advisory firm. She allegedly used private Telegram channels and Zoom calls for educational purposes, but sold tips without mandatory registration.

Sebi acted in Patel's case after 42 participants complained of trading losses and demanded compensation. Sebi is seeking to seize millions of rupees that Patel and her associates earned from course fees between 2021 and 2024.

### Regulatory Actions

Sebi's actions aim to protect small investors and address the issues of influencers selling illegal stock tips and misleading return claims. The regulator seeks to balance this with the need for effective monitoring of online content.

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