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Sebi has sent a Rs 2.83crore demand notice to Pradeep Baijnath Pandya, who was anchoring stock market shows on a television channel, and seven other entities for failing to pay fines that have been imposed in connection with fraudulent trading activities in June last year.
SEBI fines TV anchor Pradeep Baijnath Pandya.
Sebi has sent a Rs 2.83-crore demand notice to Pradeep Baijnath Pandya, who was anchoring stock market shows on a television channel, and seven other entities for failing to pay fines that have been imposed in connection with fraudulent trading activities in June last year.
Apart from Pandya, Toshee Trade, Mahan Investment, Manish Vasanji Furiya (HUF), Manish Vasanji Furiya, Alpa Alpesh Furiya, Alpesh Vasanji Furiya (HUF) and Alpesh Vasanji Furiya were also sent notices to pay the fines.
The demand notices came after these entities failed to pay the penalties imposed on them by the Securities and Exchange Board of India (Sebi) in June last year.
The markets regulator warned that assets, including bank accounts of Pandya and other entities, will be attached if they failed to make the payment within 15 days of the notices issued on February 7.
In seven separate demand notices, Sebi has directed these entities to pay Rs 2.83 crore, including interest and recovery costs, within 15 days.
In June last year, Sebi had barred Pandya and seven other entities from the securities market for five years and imposed a fine of Rs 2.6 crore collectively for indulging in fraudulent trading activities.
Pandya was the host/co-host of various shows at CNBC Awaaz till August 2021, while Alpesh Furiya appeared on the television channel as a guest/external expert and gave stock recommendations on his X handle.
A high correlation was noted between the stock recommendations given by Pradeep Pandya on the show ‘Pandya Ka Funda’ and the buy-today-sell-tomorrow trades and intra-day trades executed by Alpesh Furiya and connected entities during the period from November 2019 to January 2021.
Alpesh Furiya, capitalised on this privileged information, executed trades through his own accounts and those of related entities, positioning himself to profit before the recommendations were publicly aired, it added.
In December 2020, NSE had forwarded a report wherein it had analysed the trading activities of Alpesh Furiya and related entities. Thereafter, Sebi carried out the further analysis in the matter between November 2020 and January 2021.
Sebi had noted that Pandya communicated the information to Alpesh Furiya and connected entities, who in turn traded in a repeated and consistent pattern of trading, in synchronisation with the recommendations made by Pandya on his show.
such trades, the entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
Accordingly, Sebi has restrained Pandya, Alpesh Furiya, and other six entities from the securities market for five years.
Also, the regulator levied a fine of Rs 1 crore each on Pandya and Alpesh Furiya and Rs 10 lakh each on the remaining six entities.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
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