sebi:WTM/AN/ISD/ISD-SEC-1/24334/2022-23
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Facts / Headnote
Pending detailed investigation, SEBI issued interim preventive directions against all Noticees including impounding of alleged unlawful gains totaling INR 12,14,24,131 to be deposited in interest-bearing escrow with lien in favour of SEBI, freezing debits in bank accounts and demat accounts, restraining transfer/alienation of assets and securities/mutual fund holdings, until further orders.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 30
Holding
SEBI prima facie found that MMDs, VCs and NSs operated a coordinated fraudulent scheme using false YouTube buy recommendations in Sharpline Broadcast Limited to inflate price/volume and exit at profit at the cost of retail investors, violating the SEBI Act and PFUTP Regulations. Pending investigation, SEBI passed interim ex-parte directions to impound INR 12,14,24,131 and freeze/alienation-restrain accounts and assets.
Full text
Interim Order in the matter of Stock Recommendations using YouTube in the scrip of Sharpline Broadcast Limited Page 2 of 50 Noticee No. Name of the Noticee PAN
Interim Order in the matter of Stock Recommendations using YouTube in the scrip of Sharpline Broadcast Limited Page 3 of 50 various regulations framed thereunder including SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”), by certain entities for the period April 12, 2022 to August 19, 2022 (hereinafter referred to as “Examination period”).
Interim Order in the matter of Stock Recommendations using YouTube in the scrip of Sharpline Broadcast Limited Page 4 of 50
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Source: SecMarx — sebi:WTM/AN/ISD/ISD-SEC-1/24334/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.