Mumbai : The Securities and Exchange Board of India (SEBI) banned 10 entities, including guest experts appearing on Zee Business, from the equity market. SEBI also ordered the disgorgement of unlawful gains of ₹7.41 crores made by these entities through alleged manipulation in shares.
SEBI’s investigation found that certain guest experts were sharing advance information about their stock recommendations with some firms before they were broadcast on the news channel ‘Zee Business’.
Based on the advance information about share recommendations, entities including Nirmal Kumar Soni, Parth Sarathi Dhar, SAAR Commodities Pvt Ltd, Manan Sharecom Pvt Ltd, and Kanhaiya Trading Company made profits by executing trades.
SEBI said that these entities made unlawful gains of ₹7.41 crores from the settlement of such share deals and this profit was also shared with the guest experts by mutual consent. The regulator said that all these entities are jointly and severally liable for disgorgement of the proceeds of the settlement.
The guest experts have been classified into three categories by SEBI. Jadhav, Kelkar, Gupta, Goyal, and Bhowmik were involved in providing trading advice to the viewers and have been classified as ‘Guest Experts’. Soni, Dhar, SAAR Commodities, Manan Sharecom, and Kanhaiya Trading have been called ‘Profit Makers’ and the rest as ‘Enablers’.
SEBI’s investigation, which ran between February and December 2022, involved analysis of SMS, WhatsApp, and Telegram chats along with bank and other details. Some guest experts admitted to sharing recommendations before the show and accepted the profit sharing model in their statements to SEBI.
SEBI had also conducted search and seizure operations as part of its investigation and seized electronic devices. SEBI has banned debits from the bank accounts of the entities and restricted redemptions from their mutual fund holdings. They have also been given three months to close their open positions in the derivatives market.
SEBI has given the entities 21 days to file their response in the matter and has directed Zee Media to preserve all records, documents, and video recordings of its shows till the final order is passed.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
