Mumbai (Maharashtra) [India], The Securities and Exchange Board of India (SEBI) has barred a former anchor of a business news channel and eight other individuals and entities for indulging in fraudulent trading practices on his show.
The regulator imposed a fine of Rs 1 crore each on former anchor Pradeep Pandya and Alpesh Vasanji Furia, a technology analyst, and imposed a fine of Rs 10 lakh each on the remaining six entities.
The regulator has directed to pay the fine within the next 45 days.
Pandya, Furia and seven others were punished for indulging in fraudulent trading practices through the show 'Pandya Ka Funda' on the business channel.
The other six entities that have been banned from trading are Alpesh Furia (HUF), Alpa Furia, Manish Furia, Manish Furia (HUF), Mahan Investments and Toshi Trade, all of whom have also been fined Rs 10 lakh.The market regulator has also asked the institutions to return illegal profits of Rs 10.83 crore, which the entities, including Alpesh Furia and Pradeep Pandya, earned through fraudulent trading. Of this, Rs 8.39 crore has already been deposited against SEBI's October 2021 interim order. Hence the entity will now have to pay Rs 2.44 crore to the regulator along with 12 per cent interest.
"A high correlation was observed between the stock recommendations given by him (Pradeep Pandya) in the 'Pandya Ka Funda' show and buy-today-sell-tomorrow trades ("BTST") and intra- Day trades executed by Alpesh Vasanji Furia (“Alpesh Furia”) and related entities during the period November 1, 2019 to January 13, 2021.,
"Furia, taking advantage of this privileged information, executed trades through his and related entities' accounts, thereby placing himself at profit before the recommendations were publicly disseminated," SEBI said.
Pradeep Pandya was the host and co-host of various shows till 2021. Alpesh Furia appeared as a guest analyst on the channel and gave stock recommendations on the channel and through social media.
The investigation revealed important evidence from the WhatsApp chat between Pandya and Alpesh Furia. These chats, facilitated by Pandya, included discussions on stock recommendations and trading strategies.The content of these chats played an important role in substantiating the allegations of sharing of information between the two individuals regarding the upcoming recommendations.
SEBI highlighted that financial journalists, including anchors of commercial news channels, play a vital role in the financial markets by acting as credible disseminators of market information to the public. Their insights, analyzes and recommendations are often taken at face value by a wide audience of investors who rely on this information to make investment decisions.
In the order the authority emphasized that when journalists engage in sharing of material non-public information, as mentioned in this case, it not only violates ethical standards but also violates market dynamics. Distorts.
The regulator imposed a fine of Rs 1 crore each on former anchor Pradeep Pandya and Alpesh Vasanji Furia, a technology analyst, and imposed a fine of Rs 10 lakh each on the remaining six entities.
The regulator has directed to pay the fine within the next 45 days.
Pandya, Furia and seven others were punished for indulging in fraudulent trading practices through the show 'Pandya Ka Funda' on the business channel.
The other six entities that have been banned from trading are Alpesh Furia (HUF), Alpa Furia, Manish Furia, Manish Furia (HUF), Mahan Investments and Toshi Trade, all of whom have also been fined Rs 10 lakh.The market regulator has also asked the institutions to return illegal profits of Rs 10.83 crore, which the entities, including Alpesh Furia and Pradeep Pandya, earned through fraudulent trading. Of this, Rs 8.39 crore has already been deposited against SEBI's October 2021 interim order. Hence the entity will now have to pay Rs 2.44 crore to the regulator along with 12 per cent interest.
"A high correlation was observed between the stock recommendations given by him (Pradeep Pandya) in the 'Pandya Ka Funda' show and buy-today-sell-tomorrow trades ("BTST") and intra- Day trades executed by Alpesh Vasanji Furia (“Alpesh Furia”) and related entities during the period November 1, 2019 to January 13, 2021.,
"Furia, taking advantage of this privileged information, executed trades through his and related entities' accounts, thereby placing himself at profit before the recommendations were publicly disseminated," SEBI said.
Pradeep Pandya was the host and co-host of various shows till 2021. Alpesh Furia appeared as a guest analyst on the channel and gave stock recommendations on the channel and through social media.
The investigation revealed important evidence from the WhatsApp chat between Pandya and Alpesh Furia. These chats, facilitated by Pandya, included discussions on stock recommendations and trading strategies.The content of these chats played an important role in substantiating the allegations of sharing of information between the two individuals regarding the upcoming recommendations.
SEBI highlighted that financial journalists, including anchors of commercial news channels, play a vital role in the financial markets by acting as credible disseminators of market information to the public. Their insights, analyzes and recommendations are often taken at face value by a wide audience of investors who rely on this information to make investment decisions.
In the order the authority emphasized that when journalists engage in sharing of material non-public information, as mentioned in this case, it not only violates ethical standards but also violates market dynamics. Distorts.
