Asmita Jitesh Patel, famously known as the "She-Wolf of the Stock Market" and the "Options Queen," has been barred from the capital markets by the Securities and Exchange Board of India (SEBI) for allegedly engaging in unregistered investment advisory activities. Patel, a well-known financial influencer with a significant digital presence, is accused of misleading investors through her educational platform, Asmita Patel Global School of Trading Pvt Ltd (APGSOT). SEBI's order highlights serious violations, including the unauthorized collection of ₹53 crore from course participants under the pretense of teaching them proprietary trading strategies. The regulator has also directed Patel, along with her affiliated entities—Jitesh Jethalal Patel, King Traders, Gemini Enterprise, and United Enterprises—to refund the amount collected from investors.
The investigation into Patel's activities was triggered by complaints from 42 investors who alleged that APGSOT was promoting unregistered investment advisory services. Many of these investors claimed to have suffered financial losses after following Patel’s guidance. SEBI's 129-page order details how Patel allegedly lured individuals into her courses, urging them to quit their jobs and pursue stock trading as a full-time profession. Patel’s trading programs, such as the Options Multiplier (OM), Master’s in Price Action Trading (MPAT), and Let’s Make India Trade (LMIT), were marketed as foolproof strategies for wealth generation. However, SEBI found that these courses went beyond financial education, directly offering stock market recommendations and investment strategies—an activity that requires regulatory approval.
In its interim order-cum-show cause notice issued on February 6, SEBI not only impounded ₹53 crore collected as course fees but also questioned why an additional ₹104.63 crore should not be seized. The regulator stated that Patel and her team had violated the SEBI Investment Advisers Regulations, 2013, by offering financial advice without obtaining the necessary registration. Furthermore, Patel and her firm have now been permanently prohibited from engaging in any securities market activities.
Patel, a self-proclaimed financial mentor, has built an extensive social media following, with 5.26 lakh subscribers on YouTube, 2.9 lakh followers on Instagram, 73,000 on Facebook, 4,200 on Twitter (X), and 1,900 on LinkedIn. She has frequently promoted her courses as a revolutionary way for individuals to achieve financial independence through stock trading. Her official website portrays her as a visionary aiming to empower people with financial knowledge, but SEBI’s findings suggest otherwise. The regulatory crackdown on Patel reflects SEBI’s growing scrutiny of financial influencers, commonly known as "influencers," who often blur the lines between education and unauthorized financial advice.
Patel’s husband, Jitesh Patel, who is also a director at AGSTPL, has been named in SEBI’s order, along with other entities linked to their business operations. SEBI’s investigation also noted that Patel had amassed assets worth ₹140 crore through her alleged advisory services, raising further concerns about the legitimacy of her operations.
This development marks a significant move in SEBI’s crackdown on unregulated financial advice and fraudulent investment schemes, emphasizing the need for stricter regulations to protect retail investors. The case against Patel serves as a cautionary tale, highlighting the risks associated with relying on social media influencers for financial advice. SEBI’s enforcement action underscores its commitment to maintaining the integrity of India’s capital markets and shielding investors from misleading investment schemes disguised as educational courses.
