These Ten Entities Paid Rs 5.96 cr To SEBI, Here's Why

Ten entities pay Rs 5.96 cr to settle regulatory norm violation cases with the Securities And Exchange Board of India ( SEBI ). 

Regulatory Violations : Case Details

A total of 10 entities have settled a case of trading using non-public information from guest experts on a news channel with markets regulator Sebi after paying a total of Rs 5.96 crore towards the settlement amount.

Additionally, the settlement includes a six-month voluntary debarment period from buying, selling, or dealing in securities.

The applicants have settled the case with Sebi without admitting or denying the allegations through a settlement term.

The settlement resolves the case, and no further action will be taken against the applicants unless they breach the settlement terms.

The case involved stock recommendations given by guest experts on a news channel. Sebi's investigation found that 15 entities were allegedly involved in trading using non-public information from these recommendations between February 2022 and December 2022.

Regulatory Violations : SEBI Findings

In its investigation, Sebi found that 15 entities allegedly traded using non-public information from guest experts on a news channel between February 2022 and December 2022.

These entities were classified into three groups profit makers -- entities that made profits from trading based on advanced stock recommendations; enablers -- entities that assisted the profit makers by providing necessary trading accounts and tools; and guest experts who gave stock recommendations on TV and social media.

Overall, 10 entities applied with Sebi to settle the matter.

As a part of the settlement term, the applicants remitted the agreed settlement amounts, and accepted a voluntary 6-month ban from trading in the securities market Also, the entities confirmed that they had already paid the disgorgement amount of Rs 7.41 crore.

Individually, Nirmal Kumar Soni, Kiran Jadhav, Ashish Kelkar, and Mudit Goyal paid Rs 62.40 lakh each; Nitin Chhalani, Rupesh Kumar Matoliya, Ajaykumar Ramakant Sharma and Ramawatar Lalchand Chotia remitted Rs 57.2 lakh each; Simi Bhaumik shelled out Rs 46.8 lakh and SAAR Securities India Private Limited paid Rs 31.85 lakh.