SEBI restrains business news anchor Hemant Ghai, family from trading2 min read . Updated: 13 Jan 2021, 09:42 PM IST
- According to the Sebi probe, prima facie the manipulative trades have earned proceeds amounting to ₹2.95 crore just through the limited number of trades examined during the period
MUMBAI : Market regulator Securities and Exchange Board of India (Sebi) has restrained business news anchor Hemant Ghai and his family from accessing securities market over charges of fraudulent trading. Ghai is the co-host of the CNBC Awaaz show which airs on trading days at 7:20 am and it recommends certain stocks to be bought during the day with a target price and a stop loss price
“It was observed that Ms Jaya Hemant Ghai and Ms Shyam Mohini Ghai have undertaken a large number of Buy-Today-Sell-Tomorrow (“BTST") trades during the relevant period in synchronization with the recommendations made in the show. Shares were bought on the previous day to the recommendations being made on the stock 20 -20 show and sold immediately on the recommendation day," Sebi interim order on Wednesday said.
Jaya Hemant Ghai is the spouse and Shyam Mohini Ghai is mother of Hemant Ghai. Hemant Ghai was also hosting /co-hosting various other shows such as Munafe Ki Taiyari Pehla Sauda and Kamai Ka Adda.
According to the Sebi probe, prima facie the manipulative trades have earned proceeds amounting to ₹2.95 crore just through the limited number of trades examined during the period. Sebi said that Ghai and his family are prima facie liable, jointly and severally, for the proceeds generated from the impugned trades.
Sebi has conducted preliminary examination for the period January 1, 2019 to May 31, 2020. “Further, recommendations made on show co-hosted by Hemant Ghai for subsequent period is under different stages of examination by Sebi," the market regulator said.
The order further said that if Ghai or his family has any open positions in any exchange traded derivative contracts, they can close out/ square off such open positions within 3 months from the date of order or at the expiry of such contracts, whichever is earlier.
“The bank accounts of Hemant Ghai, Jaya Hemant Ghai and Shyam Mohini Ghai are frozen for debit till further directions/communications. The banks where Hemant Ghai, Jaya Hemant Ghai and Shyam Mohini Ghai, are holding bank accounts, jointly or severally, are directed to ensure that till further directions," Sebi said.
In addition, he has been directed to cease and desist from undertaking any activity related to giving investment advice, publishing of research reports related to the securities market, till further directions.
“CNBC TV 18 is also advised to appropriately bring to the notice of the viewers of the shows co-hosted by Hemant Ghai that Sebi has passed an interim order against him for prima facie violations of Sebi (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003," the order said.