sebi:WTM/AN/ISD/ISD-SEC-3/25879/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 19
- s. 11B
- s. 12A
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 21
- s. 11(5)
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Parties
- Himanshu (Noticee no. 1)
- Raj (Noticee no. 2)
- Jaydev Zala (Noticee no. 3)
- Kokilaben (Noticee no. 5)
- Avaniben (Noticee no. 6)
Holding
Noticees 1, 2 and 3 as administrators of the Telegram channel with Noticees 5 and 6 executed a fraudulent pump-and-dump scheme by accumulating shares before issuing buy recommendations and selling at inflated prices to subscribers without disclosing their interest and intent to sell.
Full text
Final Order in the matter of Stock Recommendations using Social Media Channel (Telegram) Page 2 of 122 stocks in the Telegram channel, without disclosing their own interest and intent to sell the stocks instead. Subsequently, contrary to their own recommendations, the Noticees sold their stocks at inflated prices to unsuspecting investors who had followed their advice, thereby booking unlawful profits. The relationship among the Noticees, based on statements made by the Noticees to the Investigating Authority and from KYC records, is depicted below in Image no.1. Image no. 1
Final Order in the matter of Stock Recommendations using Social Media Channel (Telegram) Page 3 of 122 inter alia restraining the Noticees from dealing in securities, either directly or indirectly, in any manner whatsoever till further orders.
Final Order in the matter of Stock Recommendations using Social Media Channel (Telegram) Page 4 of 122 under the Interim Order cum SCN and only INR 98,84,427. 86 has been deposited in an escrow account.
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Source: SecMarx — sebi:WTM/AN/ISD/ISD-SEC-3/25879/2023-24. 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.