sebi:WTM/KCV/ISD/ISD-SEC-6/30020/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Prima facie finding of fraudulent scheme using advance Zee Business recommendations; Noticees Nos. 1-5 and 11-15 directed jointly/severally to deposit unlawful gains in interest-bearing Escrow with lien in favour of SEBI within 15 days with bank/demat debit freeze, Zee Media directed to preserve records, and all Noticees called to show cause for disgorgement, market debarment, research-analyst restraint and penalty.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 12
- s. 11A
- s. 15
- s. 11C
- s. 2(1)
- s. 11B(2)
Regulations
- Reg. 3
- Reg. 4
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 16(2)
- Reg. 200
- Reg. 2
- Reg. 3(a)
- Reg. 201
- Reg. 2(1)(b)
Holding
SEBI prima facie held that Profit Makers trading on advance non-public Zee Business guest-expert recommendations shared by Guest Experts with profit-sharing, aided by Enablers, constituted manipulative, fraudulent and unfair trade practice and issued interim impounding, freeze and preservation directions with show-cause for final relief.
Full text
In the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 2 of 127
In the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 3 of 127
In the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel Page 4 of 127
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Source: SecMarx — sebi:WTM/KCV/ISD/ISD-SEC-6/30020/2023-24. 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.