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SEBI bans Pradeep Pandya and 7 others from securities market

Securities and Exchange Board of India (SEBI) banned ex-TV journalist Pradeep Pandya and 7 others from the securities market for 5 years. They were also collectively fined Rs 2.6 crore for engaging in fraudulent trading activities.
The names of these banned individuals are Pradeep Pandya, Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF, Manish V Furiya HUF, Mahan Investment and Toshee Trade.

The Background
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 Twitter handle.

The Issue
SEBI found a high correlation 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.

Some important points highlighted in SEBI’s order,
– Pradeep Pandya, while serving as an anchor for CNBC Awaaz, shared confidential information regarding upcoming stock recommendations with Alpesh Furiya and vice-versa”
– Alpesh Furiya, capitalizing 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.
– Furiya passed on these tips to Opu Funikant Nag in exchange for a salary increase.

SEBI observed that these entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.

In December 2020, the National Stock Exchange (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.

Read below the Circular from National Stock Exchange of India

Read below the Final Order of SEBI

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