December 11, 2024 11:59 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
No alliance with Congress in Delhi polls: AAP chief Arvind Kejriwal | Bengaluru techie's suicide: Atul Subhash's wife and her family booked | Bengaluru techie's suicide: Atul Subhash's wife and her family booked | INDIA bloc to knock on Supreme Court's doors over alleged EVM manipulation during Maharashtra polls | 'Babri Masjid should be rebuilt in Bengal's Murshidabad': TMC MLA Humayun Kabir sparks row | Rajnath Singh calls on Russian Prez Vladimir Putin in Moscow, discusses bilateral defence cooperation | Police to investigate conspiracy angle in Mumbai bus accident that killed 7 | Mamata Banerjee should lead INDIA bloc: Lalu Prasad Yadav | Opposition moves no-confidence motion against VP Jagdeep Dhankar in RS | Mumbai bus accident: Toll rises to seven, 42 injured
SEBI
File image by Jimmy Vikas via Wikimedia Commons

SEBI fines former CNBC Awaaz anchor, technical analyst for engaging in fraudulent trading practices

| @indiablooms | Jun 12, 2024, at 07:13 pm

New Delhi/IBNS: The Securities and Exchange Board of India (SEBI), the regulatory body for securities and commodity market in the country, on Tuesday (June 11) imposed a fine of Rs 1 crore each on former CNBC Awaaz markets editor Pradeep Pandya and technical analyst Alpesh Vasanji Furiya for engaging in fraudulent trading practices, reports said.

According to reports, Pradeep Pandya and Alpesh Vasanji Furiya, along with six other entities have been barred from the securities market for five years. 

The six other entities — Alpesh Furiya (HUF), Alpa Furiya, Manish Furiya, Manish Furiya (HUF), Mahan Investment, and Toshee Trade — have been fined Rs 10 lakh each, as per reports.

SEBI said Alpesh Group entities used to carry out fraudulent trades in synchronisation with the stock recommendations given by either Pradeep Pandya or Alpesh Furiya on CNBC Awaaz, positioning themselves in an advantageous position before the information became public knowledge.

“This behaviour not only demonstrates a clear intent to leverage insider information but also reveals a systematic approach to exploiting the information asymmetry for personal gain,” the market regulator said, noting that “the present case is similar to a classical front running case where a trader tries to take advantage of the expected price change resulting from an impending transaction in securities.”

As per SEBI, Furiya and related entities have been asked to disgorge Rs 2.4 crore with simple interest at the rate of 12 percent per annum, calculated from the end of the investigation period till the date of the interim order. 

This is in addition to Rs 8.4 crore already impounded as part of the unlawful gains of Rs 10.8 crore made by Alpesh Group entities, the regulator added.

“When TV anchors engage in sharing material non-public information, it not only breaches ethical standards but also distorts market dynamics. Such acts of selective information dissemination give unfair advantages to a few, undermining the principle of equal access to information," SEBI said.

"This erosion of trust can lead to a significant loss of confidence among investors, who may feel that the markets are rigged against them," it added.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.