SEBI Fines Basant Maheshwari Wealth Advisor for Misleading Ads

The Securities and Exchange Board of India (SEBI) has fined Basant Maheshwari Wealth Advisers LLP ₹4 lakh for violating fee regulations and posting misleading YouTube video titles. 

The firm wrongly charged 32 clients under both fixed fee and asset-based models, violating SEBI (Investment Advisers) Regulations, 2013, which required investment advisers to charge fees under only one mode per client annually.

SEBI also found that the firm’s YouTube videos had exaggerated captions and promoted Smallcase investments through links, making them advertisements.

SEBI ruled that financial videos promoting products are ads and must follow advertising norms. The firm must pay the fine within 45 days to avoid further penalties.