Sebi Cracks Down on TV Market Gurus for Fraudulent Trading

Sebi has issued demand notices to Pradeep Baijnath Pandya and seven other entities for not paying fines related to fraudulent trading activities. These include ex-hosts of market shows and entities like Alpesh Furiya. Asset seizure warnings have been issued if payments are not made within 15 days.

The Securities and Exchange Board of India (Sebi) has taken firm action against former TV stock market show anchor Pradeep Baijnath Pandya and seven other entities. Demand notices have been issued for non-payment of fines amounting to Rs 2.83 crore. These fines relate to fraudulent trading activities.

Entities such as Toshee Trade, Mahan Investment, and market players like Alpesh Furiya have also been implicated. Sebi has warned that if payments are not settled within 15 days, assets, including bank accounts, will be seized. These demand notices follow penalties announced by Sebi last June.

Pandya and Alpesh Furiya were involved in a trading scheme linked to stock recommendations aired on Pandya's shows. The synchronised trading violated PFUTP norms, resulting in a five-year ban from the securities market and hefty fines for all parties involved.