In a significant move, the Securities and Exchange Board of India (SEBI) has demanded a cumulative penalty of ₹7.41 crore from 15 guest experts associated with the Zee Business news channel. The regulatory action comes as a result of the experts allegedly making ‘unlawful’ gains by taking positions opposite to their on-air recommendations.
The list of individuals and entities includes notable names such as Nirmal Kumar Soni, Partha Sarathi Dhar, Simi Bhaumik, Mudit Goyal, Himanshu Gupta, Ashish Kelkar, and Kiran Jadhav, along with SAAR Securities India, Manan Sharecom, and SAAR Commodities, among others.
SEBI accuses these entities of engaging in fraudulent and unfair acts, claiming that they unlawfully enriched themselves by exploiting their position to influence innocent investors. To better understand the nuances of their involvement, the market regulator has categorized them into three groups: Profit Makers, Enablers, and Guest Experts.
The first category, Profit Makers, includes entities that allegedly made profits by executing trades based on advance information of stock recommendations provided by guest experts. The second category comprises entities that supposedly aided and assisted Profit Makers in making profits using the same advance information. The third category involves the guest experts themselves who appeared on Zee Business shows, provided stock recommendations to viewers, and have a significant presence on social media.
SEBI’s move signals a strong stance against market manipulation and aims to hold accountable those who misuse their influence and exploit investors. This development underscores the need for vigilance and transparency in the financial markets to maintain investor trust and safeguard the integrity of the securities market.
