SEBI Cracks Down on ‘Options Queen’ Asmita Patel: ₹53.67 Crore Seized in Investment Scam

Asmita Patel, also known as the ‘options queen,’ runs AGSTPL, an entity providing advisory services in the securities market, share trading, mutual funds, and commodities trading to clients to manage assets in the securities market. She has been banned by SEBI.

Why did the stock regulatory body ban her, and what are the allegations against the ‘options queen’? Read on to learn more about this developing story.

SEBI Takes Action Against ‘Options Queen’ Asmita Patel

Asmita Patel stands indicted for ill-advising people who have complained that they were goaded into investing in certain stocks and were made to believe they would make millions in profit. To gain the confidence of the gullible investors, Asmita loudly proclaimed that she had insider information about the companies in which the investors were encouraged to invest.

SEBI has barred Asmita Patel Global School of Trading Pvt Ltd (AGSTPL), her husband Jitesh Jethalal Patel, and three other people from accessing the securities markets.

SEBI has also directed the authorities to seize an amount of Rs 53.67 crore from these six entities.

The other firms that SEBI has barred include:

• Jigar Rameshbhai Dawada, proprietor, United Enterprises
• Jitesh Jethalal Patel
• Suresh Parmashivam, proprietor, Gemini Enterprise
• Sagar Dhanjibhai, proprietor, King Traders.

Asmita Patel has a prominent presence in the media circles, courtesy of her website asmitapatel.com.

She is also very active on social media platforms like YouTube, Instagram, Facebook, and X, with followers numbering in the thousands.

SEBI’s Whole-Time Member Kamlesh Varshney said in the interim order:

“Notice Nos. 1 to 3 (Asmita, Jitesh, and AGSTPL) are restrained from buying, selling, or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders.”

The regulatory authority has also restrained Asmita Patel, Jitesh Patel, and AGSTPL from offering unregistered investment advisory and research analysis in any form.

The order further states:

“An amount of Rs 53,67,46,384/- being the total unlawful gain earned prima facie from the alleged unregistered investment advisory and research analyst business, shall be impounded jointly and severally from the Notice no 1 to 6 (Asmita, Jitesh, AGSTPL, and the other three entities).”

SEBI has also asked banks to make payments into the accounts of any of these six entities without its permission. SEBI has already confiscated Rs 53.67 crore from the accounts of these six entities.

SEBI swung into action after complaints by more than 42 persons who were part of different advisory courses offered by AGSTPL, including:

• Master’s in Price Action Trading 16 (MPAT 16)
• MPAT 17
• Let’s Make India Trade (LMIT)

The courses were conducted during 2021 and 2022. The complainants have paid hefty sums up to Rs 7 lakh plus 18 per cent GST to AGSTPL.

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