Who is Asmita Patel, the Instagram ‘Options Queen’ banned by SEBI for unauthorized stock advice

The Securities and Exchange Board of India (SEBI) has imposed a ban on Asmita Jitesh Patel, a prominent YouTuber and self-proclaimed ‘Options Queen’, for providing unregistered investment advice through her trading school and social media platforms. Patel, who also goes by the moniker ‘She-Wolf of Stock Market’, is accused of amassing approximately Rs 104 crore through illegal means, with many investors who followed her stock tips reportedly suffering significant financial losses.
SEBI’s enforcement actions include the seizure of Rs 53.6 crore from Patel, her Global School of Trading, and four associated entities. The regulatory authority has further instructed Patel to justify the remaining funds collected through her programs and to remove all related content from public circulation. This case underscores SEBI’s ongoing efforts to combat illegal financial advisory services and protect investors from unauthorized market influencers.

Asmita Patel is a well-known social media influencer in the financial space, with a large online following that she leveraged to promote her stock market courses and investment advice. Patel’s YouTube channel boasts over 526,000 subscribers, while she also has 73,000 followers on Facebook and 90,000 on Instagram.
Her popularity soared due to her educational courses and catchy branding as the ‘Options Queen’ and ‘She-Wolf of Stock Market.’ She gained a reputation for offering programs like:

These courses were marketed as educational resources but, according to SEBI, were a front for unauthorized financial advisory services.

SEBI’s detailed investigation found that Patel and her associates devised a scheme to lure students and investors into trading specific stocks and opening accounts with certain brokerage firms like ABC Ltd. The regulatory body determined that these actions were part of a broader effort to provide unauthorized financial advice under the guise of educational content.

In response to Patel’s alleged illegal activities, SEBI has seized Rs 53.6 crore from her and her affiliated entities, including the Asmita Patel Global School of Trading. The regulatory body has directed Patel and her associates to provide a detailed explanation as to why the remaining funds collected through their courses and programs should not be confiscated.
SEBI has also mandated the removal of all promotional content, including videos, publications, and websites, that were used to advertise unregistered investment advice. This includes her widely circulated YouTube videos and Telegram messages, which SEBI claims were key channels for disseminating illegal stock tips.

SEBI’s investigation revealed that Patel’s trading school was providing buy and sell recommendations to followers, a practice that violates securities regulations. According to SEBI, Patel was using her platform to make real-time stock recommendations, which were communicated through Telegram channels and other social media platforms.
These activities breached SEBI regulations that prohibit the use of live share price data for educational purposes. The agency emphasized that Patel’s actions clearly went beyond education and crossed into the realm of illegal investment advisory services.
In its show-cause notice, SEBI stated:
“The acts of Asmita Patel Global School of Trading make it evident that it was providing investment advice and research analyst services to students, investors, and participants for consideration under the pretext of imparting education.”

SEBI’s 128-page order provides a comprehensive breakdown of Patel’s alleged violations. It describes how Patel’s school operated under the pretext of offering educational content while simultaneously providing stock tips and investment recommendations.
The order confirmed that Patel’s courses went beyond mere education, as they provided specific trading strategies, stock picks, and market predictions—activities that require SEBI registration as a financial advisor or research analyst. The report also highlighted that Patel’s recommendations were designed to drive trading activity in specific stocks, benefiting her associated entities financially.

Many investors who followed Patel’s stock tips through her courses and social media platforms reported significant financial losses. SEBI’s actions are part of a broader effort to protect retail investors from unregulated financial advice, which has become increasingly prevalent with the rise of ‘finfluencers’ on platforms like YouTube, Instagram, and Telegram.
SEBI’s crackdown highlights the importance of regulatory oversight in the financial sector, ensuring that individuals providing investment advice are properly licensed and adhere to established ethical standards. The case also serves as a warning to other influencers who may be providing unauthorized financial advice under the guise of educational content.

This case is part of SEBI’s broader campaign to regulate the growing number of financial influencers offering unlicensed investment advice. As more individuals turn to social media platforms for financial guidance, SEBI has increased its scrutiny of influencers who operate outside of regulatory frameworks.
The regulatory body has emphasized that providing investment recommendations without proper registration violates Indian securities laws and can lead to legal consequences, including fines, bans, and asset seizures.
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