Sebi Fine | SEBI took action against traders and fake brokers who gave stock information on WhatsApp-Telegram, fined so many crores
Mumbai: SEBI has taken major action in the matter of stock recommendation scam happening on social media applications Telegram and Twitter. SEBI has imposed a fine of Rs 2.84 crore on six people doing business here. His access to the stock market has also been barred. As per the SEBI order, these people were using social media channels to make illegal profits by manipulating the prices of shares. For that they were giving wrong advice to the people about the shares. Traders no longer have to show profits As per SEBI’s order, these fraudsters have been asked to segregate profits linked to such illegal activities in their accounts. Also, these persons have been banned from any kind of transaction for the next six months. These 6 people were giving stock tips without being registered with SEBI. Illegal earning stoppage from stock tips is being speculated on social media or TV channels by analysts not registered with SEBI. These organizations are illegally duping investors and giving stock tips to make quick money. SEBI has issued a 37 page order in this regard. Also read How It Works These individuals were initially joining small cap companies. Thereafter, similar baseless messages were being sent through social media indicating an immediate increase in the price of the shares. Inducing other people to buy these shares. After the increase in the share price, they sold their shares to take advantage of it. After a round of complaints, SEBI initiated action. During its investigation, SEBI found that the message of so-called stock recommendations was spread through a Telegram channel called Intraday Calls Bulls Run Investment Education Channel. This channel got 50 thousand followers in a short time. SEBI member S. K Mohanty said that the number of investors is increasing in the Telegram channel operated by Notishi. Obviously the channel with more investors will benefit more. These men claimed to have more than 40 years of investment experience and were research analysts. In fact, they were also told at this time that it is in the process of registering with SEBI.