SEBI bans 10 guest experts, firms for stock manipulation on TV channel
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Market regulator Sebi on Thursday banned 10 entities, including guest experts appearing on an economic news channel, from the securities market. Along with this, SEBI has also directed to confiscate illegal profits of Rs 7.41 crore accrued by these entities through alleged manipulation of shares.
The Securities and Exchange Board of India (SEBI) found in its investigation that some guest experts used to share advance information about their recommendations to some firms even before the telecast of their stock recommendations on news channel ‘Zee Business’.
SEBI in its interim order said that on the basis of advance information regarding share recommendations from guest experts Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal and Simi Bhowmik, Nirmal Kumar Soni, Parth Sarathi Dhar, SAAR Commodities Pvt Ltd, Manan Sharecom Pvt Ltd. And Kanhaiya Trading Company made profit by completing those deals.
SEBI said that these entities made illegal profits of Rs 7.41 crore from settlement of such share deals and this profit was also shared with the guest experts as per the consent. Thus, all these entities are jointly and severally liable to forfeit the deal settlement proceeds, the regulator said.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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