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  4. Sebi bars 15 market experts, analysts for "unlawful gain", fines Rs 7.41 crore 

Sebi bars 15 market experts, analysts for "unlawful gain", fines Rs 7.41 crore 

The SEBI order targets 15 experts who appeared on a channel between February 1, 2022, and December 31, 2022, and outlines that some experts directly engaged in these illicit trades while others facilitated them.

Akshit Tyagi Edited By: Akshit Tyagi New Delhi Updated on: February 09, 2024 13:24 IST
SEBI
Image Source : PTI (FILE) SEBI

Market regulator Sebi has issued an interim order directing several guest experts who appeared on a media channel to pay up to Rs 7.41 crore, deemed an "unlawful gain" that they acquired by taking positions opposite to the ones they advised 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," said the markets regulator in its order. 

The regulatory action targets 15 experts who appeared on a channel between February 1, 2022, and December 31, 2022. Sebi's order on February 8 outlines that some experts directly engaged in these illicit trades, while others facilitated them. Additionally, certain individuals have been prohibited from trading in the market until further notice.

The list of individuals and entities implicated in the order includes Simi Bhaumik, Mudit Goyal, Himanshu Gupta, Ashish Kelkar, Kiran Jadhav, Ramawatar Lalchand Chotia, SAAR Securities India Private Limited, Ajaykumar Ramakant Sharma, Rupesh Kumar Matoliya, Nitin Chhalani, Kanhya Trading Company, Manan Sharecom Private Limited, SAAR Commodities Private Limited, Partha Sarathi Dhar, and Nirmal Kumar Soni.

Sebi classified the parties into three categories: guest experts, profit makers, and enablers. Among them, Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal, and Simi Bhaumik were identified as guest experts who provided trading advice to viewers. Nirmal Kumar Soni, Partha Sarathi Dhar, SAAR Commodities, Manan Sharecom, and Kanhya Trading Company were labelled as profit makers, while the remainder were considered enablers.

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