Fraudulent trades: Sebi bars television channel anchor, five others from securities mkt
Sebi on Monday barred Pradeep Pandya, who was anchoring stock market shows on a television channel, three other individuals and two entities from the securities market for indulging in fraudulent trading activities.
Passing an interim order, the regulator also directed impounding Rs 8.4 crore-worth proceeds from the fraudulent trades.
CNBC Awaaz anchor Pradeep Pandya, Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF and Manish V Furiya HUF have been restrained from buying, selling or dealing in securities till further orders.
Pradeep Pandya and Alpesh Furiya have also been directed to ''cease and desist'' from undertaking, directly or indirectly, any activity related to giving investment advice, sell or buy recommendations, publishing of research reports related to the securities market through any media till further directions.
Sources said Sebi is monitoring recommendations made on various other business channels as well, and appropriate actions would be taken if any wrongdoing is established.
In the order, Sebi said it has been prima facie determined that Alpesh Furiya and the connected entities have employed a scheme to conduct fraudulent/unfair trading based on the advance information of material unpublished information.
Pradeep Pandya was the host/co-host of various shows at CNBC Awaaz till August 2021, while Alpesh Vasanji Furiya appeared on the television channel as a guest/external expert and gave stock recommendations on his Twitter handle.
Sebi carried out the further analysis in the matter between November 2020 and January 2021.
Pradeep Pandya communicated the information to Alpesh Furiya and connected entities, who in turn a repeated and consistent pattern of trading, in synchronisation with the recommendations made by Pradeep Pandya on his show, according to Sebi.
''CNBC Awaaz is advised to preserve and maintain all records, documents, material, video records, etc., along with their content, related to Pradeep Pandya and Alpesh Furiya and concerned shows till the investigation of SEBI is complete,'' the regulator said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)