Sebi slaps ₹2.6 crore fine on former TV anchor, 7 others

The action has been taken against them for engaging in fraudulent trading practices

by e4m Staff
Published: Jun 12, 2024 7:18 PM | 2 min read

The Securities & Exchange Board of India (Sebi) has imposed a fine of Rs 2.6 crore on former CNBC Awaaz anchor Pradeep Pandya, Alpesh Vasanji Furiya, a technical analyst, and six other entities for engaging in fraudulent trading practices. Pradeep Pandya, Alpesh Vasanji Furiya and six other entities have been barred from the securities market for five years.

The six other entities are Alpesh Furiya (HUF), Alpa Furiya, Manish Furiya, Manish Furiya (HUF), Mahan Investment, and Toshee Trade.

While Pradeep Pandya and Alpesh Vasanji Furiya have been fined Rs 1 crore each, the other six entities have been fined Rs 10 lakh each.

According to the regulator, Alpesh Group entities used to carry out fraudulent trades in synchronisation with the stock recommendations given by either Pradeep Pandya or Alpesh Furiya on CNBC Awaaz.

“This behaviour not only demonstrates a clear intent to leverage insider information but also reveals a systematic approach to exploiting the information asymmetry for personal gain,” Sebi said.

“When TV anchors engage in sharing material non-public information, it not only breaches ethical standards but also distorts market dynamics. Such acts of selective information dissemination give unfair advantages to a few, undermining the principle of equal access to information. This erosion of trust can lead to a significant loss of confidence among investors, who may feel that the markets are rigged against them,” Sebi said.