Sebi slaps ₹2.6 crore fine on former CNBC Awaaz anchor Pradeep Pandya, 7 others; bans from securities market for 5 yrs
₹2.6 crore collectively for indulging in fraudulent trading activities.Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF, Manish V Furiya HUF, Mahan Investment and Toshee Trade are others banned by Sebi.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 or external expert and gave stock recommendations on his Twitter handle.Sebi has restrained Pandya, Alpesh Furiya, and other six entities from “accessing the securities market and further prohibited from buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever, for a period of five years."Also Read: Why Sebi's reviewing the eligibility criteria for derivatives trading?The regulator also levied a fine of ₹1 crore each on Pandya and Alpesh Furiya and ₹10 lakh each on the remaining six entities.
It has directed Alpesh Furiya, its related accounts as well as Opu Funikant Nag to disgorge unlawful gains made by fraudulent trades.According to Sebi, Alpesh Furiya and its related accounts made an unlawful gain of ₹10.73 crore and of this ₹8.4 crore has already been impounded by Sebi and now they have to disgorge the remaining amount of ₹2.34 crore.Besides, the regulator has directed Opu Funikant Nag to disgorge unlawful gain of ₹10.20 lakh.The National Stock Exchange (NSE) had forwarded a report in December 2020 wherein it had analysed the trading activities of Alpesh Furiya and related entities.Also Read: Derivatives trade: Sebi is taking a pro-market approachThereafter, Sebi carried out the further analysis in the matter between November 2020 and January 2021.From November 2019
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