capital markets regulator SEBI has once again taken major action against 10 market experts giving stock tips. Actually, these market experts used to come on a business channel and give stock tips and mislead innocent investors. The Securities and Exchange Board of India (SEBI) in its investigation found that these guest market experts used to share advance information about their recommendations to some stock brokers even before giving stock recommendations on a business news channel. In such a situation, those firms used to take these shares in advance. When he used to recommend, the price used to go up. At that time they sell it and leave. Common investors had to suffer losses in this affair. At the same time, in this way market experts and firms together used to earn big money.
SEBI banned all these
According to the information received, SEBI said in its interim order that on the basis of advance information regarding stock recommendations from guest market experts Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal and Simi Bhowmik, Nirmal Kumar Soni, Partha Sarathi Dhar, SAAR Commodities Pvt. Ltd., Manan Sharecom Pvt. Ltd. and Kanhaiya Trading Company made profits by completing those deals. Due to this they are banned. They will no longer be able to trade in the market. Let us tell you that before this, the anchor of another business channel was banned by SEBI. SEBI had asked the show’s anchor Hemant Ghai to return Rs 2.95 crore in front running case. This was the money that was earned by selling shares. Additionally, he, his mother and his wife were banned from trading in the stock market.
Instructions to recover wrongful earnings also
Market regulator SEBI has also directed to confiscate illegal profits of Rs 7.41 crore accrued by these entities through alleged manipulation of shares. 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.
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