A total of 10 companies have settled cases with market regulator Sebi for allegedly trading a total of Rs 5.96 crore as settlements using non-public information from guest experts on Zee Business Channel. The settlement also includes a six-month voluntary suspension period from buying, selling or trading securities.
The petitioners have settled the case in SEBI without admitting or denying the settlement period.The settlement resolves the case, and no action will be taken against the petitioners unless they violate the terms of the settlement.
The case involved stock recommendations given by guest experts on Zee Business Channel and a Sebi investigation revealed that between February 2022 and December 2022, 15 companies allegedly engaged in trading using non-public data from these recommendations.
Also Read: Infosys Q3 Net Profit Rises 11.5% To Rs 6,806 Crore; Revenue Up 7.6%
SEBI has alleged in its investigation that between February 2022 and December 2022, 15 companies traded on G Business Channel using non-public information from guest experts.
These companies were divided into three groups: profitable - companies that profit from trading on the basis of advanced stock recommendations; Enablers - Companies that helped profiteers by providing the necessary trading accounts and equipment; and guest experts who recommend stocks on television and social media.
In all, 10 companies filed applications with SEBI to resolve the issue.
As part of the settlement period, the applicants paid the agreed settlement and accepted a 6-month voluntary restriction from trading in the securities market. The companies have already confirmed a discount of Rs 7.41 crore.
Individually, Nirmal Kumar Shoni, Kiran Jadhav, Ashish Kelkar and Mudi Goel received Rs 62.40 lakh each; Nitin Chalini, Rupesh Kumar Madolia, Ajay Kumar Ramakant Sharma and Ramavatar Lalchand Chodia sent Rs 57.2 lakh each. Simi Bhowmik contributed Rs 46.8 lakh and Char Securities India Pvt Ltd contributed Rs 31.85 lakh.
(With Inputs From PTI)