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Asmita Patel, the ‘She-Wolf of the Stock Market’, charged up to Rs 7 lakh per course. SEBI barred her for unauthorized advice and misleading promises, ordering her to return Rs 53 crore
Asmita Patel has established herself with 17 years of trading experience and over a decade of teaching expertise. (Instagram/asmitapatelofficial)
Well-known financial influencer Asmita Patel, who once styled herself as the queen of the stock market and came to be known as the “She-Wolf of the Stock Market” and the “Options Queen”, has been facing the heat of the Securities and Exchange Board of India (SEBI).
Following allegations of providing unauthorised investment advice and misleading investors with false promises, SEBI has barred Patel and her company from operating in the capital market.
SEBI has directed Asmita Patel, her company, and affiliated entities to return Rs 53 crore to investors. The regulator found that the company had made misleading promises of stock market success to entice individuals into purchasing their courses. SEBI deemed the advice provided, which included encouraging participants to take out loans for trading and transition to full-time trading, not only irresponsible but also a direct factor in the financial losses suffered by many individuals.
A 129-page report by SEBI alleges numerous serious violations against Asmita Patel and her company. These allegations include operating unauthorised investment advisory services, misleading investors, and misusing their assets.
Asmita Patel’s husband, Jitesh Patel, has also been implicated in the case. Course fees from some participants were deposited into the bank accounts of companies like King Traders, Gemini Enterprises, and United Enterprises, all allegedly connected to Asmita Patel and her family.
Asmita Patel, director of Navi Mumbai-based Asmita Patel Global School of Trading Pvt Ltd, has earned recognition as a stock market expert. Patel states that she has guided and transformed the lives of over one lakh students worldwide. Her company affirms that she teaches individuals strategies to potentially generate substantial income through stock market trading.
On February 6, SEBI issued an interim show-cause notice and seized approximately Rs 54 crore in allegedly illegal earnings from the school and its directors. The notice also demanded an explanation for the Rs 104 crore in course fees collected, which promised returns of up to 300 per cent under programmes such as LMIT and MPAT.
Although Patel had described her school as a means of earning extraordinary wealth, an investigation by the SEBI revealed that Patel and her school only earned a profit of Rs 12.28 lakh from trading between 2019 and January 2024. The company’s claims of managing a portfolio of Rs 140 crore and handling funds worth Rs 283 crore were also discovered to be false. SEBI’s investigation found that the school’s total turnover only amounted to Rs 15.27 crore.
According to 42 complainants, they were sold various courses, including Masters in Price Action Trading (MPAT), Let’s Make India Trade (LMIT), Options Multiplier (OM), Trend Following Income System (TFIS), The Freedom Project (TFP), OneLife and Unleash the Trader Within (UTW).
Born into a traditional Gujarati family, Asmita Patel has established herself with 17 years of trading experience and over a decade of teaching expertise. She has reportedly won several awards in financial education. Her influence is evident in her substantial online following: 5.26 lakh subscribers on her YouTube channel, 2.9 lakh followers on Instagram, and 73,000 followers on Facebook.
According to Asmita Patel’s website www.asmitapatel.com, numerous notable figures have attended the company’s events. These include former cricketer Kapil Dev, “Scam 1992″ lead actor Pratik Gandhi, actor Anupam Kher, Dynamic India Group founder and motivational speaker Sonu Sharma, and lyricist Manoj Muntashir.
Asmita Patel levied charges of up to Rs 7 lakh (excluding taxes) per course. Inclusive of GST, this fee would have amounted to approximately Rs 8.25 lakh. As per SEBI’s order, the MPAT course fee was Rs 7 lakh plus applicable tax, with an initial payment of Rs 1 lakh required, and the balance of Rs 6 lakh payable in three instalments.
