Sebi bans former TV anchor Pandya, 7 others from securities market for 5 years, slaps fine
Pradeep Pandya, who was anchoring stock market shows on a television channel, and seven other entities from securities market for five years and imposed a fine of Rs 2.6 crore collectively for indulging in fraudulent trading activities. Apart from Pandya, others banned by Sebi are Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF, Manish V Furiya HUF, Mahan Investment and Toshee Trade.
Pandya was the host/co-host of various shows at CNBC Awaaz till August 2021, while Alpesh Furiya appeared on the television channel as a guest/external expert and gave stock recommendations on his Twitter handle.
A high correlation was noted between the stock recommendations given by Pradeep Pandya on the show 'Pandya Ka Funda' and the Buy-Today-Sell-Tomorrow trades and intra-day trades executed by Alpesh Furiya and connected entities during the period from November 2019 to January 2021.
«Pradeep Pandya, while serving as an anchor for CNBC Awaaz, shared confidential information regarding upcoming stock recommendations with Alpesh Furiya and vice-versa,» Sebi said in its final 55-page order.
Alpesh Furiya, capitalizing on this privileged information, executed trades through his own accounts and those of related entities, positioning himself to profit before the recommendations were publicly aired, it added.
The regulator also noted that Furiya passed on these tips to Opu Funikant Nag in exchange for a salary increase.
This behaviour not only demonstrates a clear intent to leverage insider information but also
