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financialpost.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Sebi bans former TV anchor Hemant Ghai, his family members from securities markets for 5 years
Sebi on Wednesday barred former TV anchor Hemant Ghai and his family members from the securities markets for five years for violating regulatory norms. Apart from the ban, Sebi has directed Hemant Ghai and his wife Jaya Ghai to disgorge the unlawful gains worth Rs 6.16 crore, along with 12 per cent interest per annum to be calculated from March 31, 2020, till the date of the interim order.
It has also slapped a penalty of Rs 50 lakh each on Hemant Ghai and Jaya Ghai, Rs 30 lakh on MAS Consultancy Service, and Rs 5 lakh on financial services company Motilal Oswal Financial Services Ltd (MOFSL).
The regulator had concluded that Hemant Ghai used his position as a TV anchor to influence stock prices, while his family members executed trades in advance to profit from the recommendations.
"...Hemant Ghai had a huge following on social media and was closely followed on CNBC. The recommendations made by him influenced the investment decisions made by his viewers and impacted the price and volume of the recommended scrips.
«However, he unfairly used this privilege to his own advantage,» Sebi's whole-time member Ashwani Bhatia said in the order.
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In the final order, the regulator said, «A majority of trades and profits in the accounts of Jaya Ghai and Shyam Mohini Ghai stemmed from trades synchronised with stock recommendations made on CNBC by Hemant Ghai, husband and son, respectively, of the individuals in whose accounts the trades were executed».
Also, Sebi pointed out that Hemant has exercised
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