SEBI Orders Zee Business Guest Experts to Return Rs 7.41 Crore “Unlawful Gain” and Bars Some from Market Trading
In an interim measure, the market regulator SEBI has instructed numerous guest experts featured on the Zee Business news channel to repay Rs 7.41 crore in “unlawful gains” they accrued by taking contrary positions in the market compared to their on-air advice.
Action has been initiated against 15 experts who appeared on the channel between February 1, 2022, and December 31, 2022. SEBI’s order, issued on February 8, indicates that certain individuals directly participated in these unlawful trades, while others facilitated them. Some individuals have also been prohibited from trading in the market until further notice.
Among those affected are 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 has classified them into three groups: guest experts, profit makers, and enablers. Experts like Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal, and Simi Bhaumik provided trading advice on air and are categorized as guest experts. Meanwhile, Nirmal Kumar Soni, Partha Sarathi Dhar, SAAR Commodities, Manan Sharecom, and Kanhya Trading Company are labeled profit makers, while the remaining individuals are enablers.
SEBI emphasizes the need for prompt action in this case, underlining the importance of investor education to safeguard against falling prey to such experts.
The regulator highlights the critical role of due diligence on the part of investors before accepting advice from television or social media platforms. SEBI’s investigation reveals a systematic manipulation scheme aimed at harming investor interests by misleading them into taking positions in securities, ultimately benefiting profit makers at the expense of unsuspecting investors.
The unlawful gains obtained by these profit makers directly or indirectly impact innocent investors who trust the advice of guest experts without awareness of the fraudulent activities at play.
