Zee TV Experts and Research Analysts Debarred for Stock Manipulation by SEBI

The Securities and Exchange Board of India (Sebi) on Thursday, 08-February-2024 took a firm stance, debarring few entities, comprising Market Experts, Zee TV Expert, Reserach Analyst and Guest featured on Zee Business, from participating in the securities market. The regulatory action was prompted by allegations of engaging in fraudulent activities aimed at influencing unsuspecting investors. So Zee TV Experts and Research Analysts Debarred for Stock Manipulation by SEBI.

Sebi’s investigation revealed that the guest experts shared their stock or contract recommendations with specific entities prior to their appearance on the channel’s broadcast.

The market regulator has calculated the illicit gains at Rs 7.5 crore, which it has been directed to confiscate. In its interim order, Sebi has identified Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal and Simi Bhaumik among the guest experts who provided recommendations and profited through other entities. Emphasizing the urgency to address the matter, Sebi stated that certain entities indulged in fraudulent and unfair acts and unlawfully enriched themselves by taking advantage of being in a position to influence innocent investors. Sebi also highlighted the risk of these unlawful gains being diverted beyond the regulator’s jurisdiction.

Sebi’s investigations, spanning from February 2022 to December 2022, involved a thorough examination of SMS, Whatsapp, and Telegram conversations as well as bank records and other pertinent details. Some of the guest experts admitted to sharing recommendations prior to broadcast and disclosed a profit-sharing arrangement during statements provided to Sebi.

The current proceedings stem from an investigation initiated by Sebi to probe a notable correlation between the trading activities of specific entities and the stock recommendations provided by guest experts appearing on various shows aired on Zee Business Channel.

In light of the apparent correlation between the trading activities of these suspect entities and the recommendations made by guest experts on Zee Business, Sebi launched a comprehensive investigation to gather evidence of potential violations of Sebi regulations.

Subsequently, a search and seizure operation was conducted at the premises of these suspect entities following the acquisition of a Court order. During this operation, various electronic devices were seized, and statements were recorded under oath.”

In response, Sebi has imposed restrictions on debit transactions from the bank accounts of the accused parties and limited redemptions from their mutual fund holdings. However, a grace period of three months has been granted for these entities to close their open positions in the derivatives market.

Additionally, Sebi has instructed Zee Media to preserve and uphold all records, documents, and video footage of their programs until the final order is issued.

Zee Business is a prominent Indian television channel dedicated to financial news and analysis. Launched in 2005, it has established itself as a leading source of information for investors, traders, and business enthusiasts across the country. With a focus on delivering real-time market updates, expert insights, and in-depth analysis, Zee Business caters to a diverse audience interested in the dynamic world of finance, economy, and business. Through its engaging programming and comprehensive coverage, Zee Business continues to be a trusted destination for those seeking timely and accurate information to make informed decisions in the financial markets.

The Zee Business Expert Advisory Panel serves as a distinguished body of seasoned professionals and industry experts within the financial realm. Assembled to provide insightful guidance and analysis, the panel offers strategic advice and recommendations on various aspects of the market, including investment opportunities, economic trends, and regulatory developments. Comprised of individuals with extensive experience and expertise in finance, economics, and business, the Zee Business Expert Advisory Panel plays a vital role in informing and educating audiences, empowering them to make informed decisions in the ever-evolving landscape of finance and commerce.