sebi:WTM/AS/ISD/ISD-SEC-4/31540/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings against Himanshu Gupta (Noticee No.13) disposed of without direction or penalty and interim directions against him ceased; Partha Sarathi Dhar, SAAR Commodities Private Limited, Manan Sharecom Private Limited and Kanhya Trading Company held liable for violation of Section 12A of SEBI Act and Regulations 3, 4 of PFUTP Regulations and subjected to monetary penalties under Section 15HA.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 200
- Reg. 2(c)
- Reg. 3(a)
- Reg. 4(2)(d)
- Reg. 2(1)(g)
- Reg. 4(2)(o)
Holding
SEBI held Partha Sarathi Dhar, SCPL, MSPL and KTC liable for fraudulent and unfair trade practices for trading on advance non-public information of Zee Business guest-expert recommendations and imposed penalties totalling Rs 4 crore, while exonerating guest expert Himanshu Gupta for lack of evidence.
Full text
Order in the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 2 of 55
Order in the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 3 of 55
Order in the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 4 of 55
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Source: SecMarx — sebi:WTM/AS/ISD/ISD-SEC-4/31540/2025-26. 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.