Sebi has ordered 15 guest experts on a media channel to pay up to Rs 7.41 crore for illegal gains they made by taking positions opposite to their advice. The order targets those who directly engaged in illicit trades and those who facilitated them.
The market watchdog Sebi has issued a temporary directive ordering a number of guest experts who spoke on a television channel to reimburse up to Rs 7.41 crore, which was considered a “unlawful gain” that they received for taking positions that differed from those they recommended on air.
“The facts of this case demonstrate a clear scheme of manipulation to harm the interests of investors by misguiding them to take positions in securities so that profit makers could make profit at the cost of such investors,” the market regulator stated in its ruling.
Fifteen experts who appeared on a channel between February 1, 2022, and December 31, 2022 are the object of the regulatory action. According to Sebi’s order from February 8, some specialists participated directly in these illegal dealings, while others served as their facilitators. Furthermore, until further notice, some people are not allowed to trade in the market.
Ajaykumar Ramakant Sharma, Rupesh Kumar Matoliya, Nitin Chhalani, Kanhya Trading Company, Manan Sharecom Private Limited, SAAR Commodities Private Limited, Partha Sarathi Dhar, Nirmal Kumar Soni, Simi Bhaumik, Mudit Goyal, Himanshu Gupta, Ashish Kelkar, Kiran Jadhav, Ramawatar Lalchand Chotia, and SAAR Securities India Private Limited are among the people and organizations implicated in the order.
The parties were categorized by Sebi into three groups: profit makers, facilitators, and guest experts. Among them, viewers received trading advise from Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal, and Simi Bhaumik, who were listed as guest experts. Profit makers included Nirmal Kumar Soni, Partha Sarathi Dhar, SAAR Commodities, Manan Sharecom, and Kanhya Trading Company; the others were classified as facilitators.
Sebi has ordered 15 guest experts who participated in a media outlet to pay up to Rs 7.41 crore for illicit profits they earned by adopting stances that were against their recommendations. The order exposes a manipulative plan aimed at deceiving investors into purchasing securities against their better judgment. Three groups of experts have been identified: profit makers, enablers, and guest experts. While some specialists are considered profit makers, others are directly involved in illegal trades. From February to December 2022, 15 experts are the target of the order.