10 including 4 Expert Guests of Zee Business Channel Pay Over Rs5.64 Crore To Settle Case with SEBI
Moneylife Digital Team 17 January 2025
As many as 10 entities including four expert guests on Zee Business channel agreed to pay Rs5.96 crore and voluntary debarment of six months to settle a case involving trading based on non-public information (NPI) with market regulator Securities and Exchange Board of India (SEBI). 
 
Zee Business channel guests Kiran Jadhav, Ashish Kelkar and Mudit Goyal paid Rs62.40 lakh each while Simi Bhaumik paid Rs46.80 lakh to SEBI. Nirmal Kumar Soni paid Rs 62.40 lakh, while Nitin Chhalani, Rupesh Kumar Matoliya, Ajaykumar Ramakant Sharma and Ramawatar Lalchand Chotia paid Rs57.20 lakh each. SAAR Securities India Pvt Ltd paid Rs31.85 lakh to SEBI to settle the case.
 
The investigation by SEBI focused on stock recommendations made by guest experts on Zee Business Channel. The probe revealed that between February 2022 and December 2022, 15 entities had allegedly traded using NPI derived from these recommendations.
 
The entities were categorised into three groups: profit-makers (those who profited from the recommendations), enablers (those who facilitated trading by providing accounts and tools) and the guest experts who provided the stock recommendations on TV and social media.
 
Out of the 15 entities identified, 10 opted to settle the matter with SEBI. As part of the settlement, these entities remitted the agreed amounts and accepted the voluntary six-month trading ban. Additionally, they confirmed that they had already paid the disgorgement amount of Rs7.41 crore.
 
SEBI's high powered advisory committee (HPAC) reviewed and endorsed these settlement terms on 30 September 2024, which were later approved by the panel of SEBI’s whole-time members (WTMs) on 12 November 2024.
 
As part of the settlement, these 10 entities are now prohibited from buying, selling, or dealing in securities directly or indirectly for six months. 
 
SEBI says it will not take further enforcement action against them for the alleged violations as long as the settlement terms are followed. However, SEBI reserves the right to reopen proceedings if any of the representations made by the applicants are found to be false or if the settlement conditions are violated.
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