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of The Board found the Noticees, led by Noticee No. 1, guilty of engaging in a manipulative and fraudulent scheme involving unfair trade practices under the SEBI Act, PFUTP Regulations, and RA Regulations. Noticee No. 1 manipulated securities prices by recommending certain stocks through media channels after purchasing them, profiting from subsequent price increases. The Noticees were held jointly and severally liable for unlawful gains totaling approximately Rs. 11.37 crore. An interim ex parte order was passed impounding this amount, directing the Noticees to deposit it in fixed deposit accounts with a lien in favor of SEBI. Noticees Nos. 1 to 3 and 5 to 12 were restrained from accessing the securities market and prohibited from dealing in securities, while Noticee No. 4 was barred from proprietary trading. Banks and depositories were directed to restrict debits from the Noticees' accounts without SEBI's permission. The Noticees must preserve relevant records and provide a full inventory of their assets pending further orders.
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