Zee Media clarified that it was not involved in any kind of trading activities of the external and independent guests appearing on Zee Business Channel.
The company said that these noticees are external and independent guests with whom the company had no relation beyond their appearances on its business channel.
The Securities and Exchange Board of India (Sebi) had taken stern action against 15 people, of which 5 appeared as guest experts on Zee Business news channel. These people made unlawful gains by taking opposite positions in the market compared to their on-air recommendations, said the market regulator in an order.
According to Sebi’s order issued on February 8, the individuals were found to have made unlawful gains to the tune of Rs 7.41 crore between February 01, 2022, and December 31, 2022.
In relation to the above Order, certain media reports have been published wherein the headlines suggest that fines were imposed on “Zee Business’ guest experts.” The Company wishes to clarify that these Noticees are external and independent guests with whom the Company had no relation beyond their TV appearances on Zee Business Channel. The Company had extended complete cooperation in the investigation and provided data as required by the SEBI.
It is further stated that neither does the Company have any involvement in any of trading activities of Noticees nor has SEBI passed any Order against the Company. In the above matter, SEBI has only given the following direction to the Company: “Zee Media Corporation Limited is advised to preserve and maintain all records, documents, material, video records, etc., along with their content, related to Noticee Nos. 11 to 15 and concerned shows till the final order of SEBI is passed.”
