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The Board exonerated Noticee E for lack of admissible evidence and disposed of proceedings against that individual without penalty. The Board found that Noticees A-D engaged in a fraudulent scheme: sharing non-public recommendations, taking pre-broadcast positions, and squaring off to manipulate price and volume, constituting inducement and dealing in securities in contravention of the SEBI Act and PFUTP Regulations. Noticees A-D were held jointly and severally liable, found to have violated specified statutory provisions and regulations, and were debarred from accessing the securities market and prohibited from dealing in securities for two years from the interim order dated February 8, 2024; monetary penalties were also imposed.
The Board exonerated Noticee E for lack of admissible evidence and disposed of proceedings against that individual without penalty. The Board found that Noticees A-D engaged in a fraudulent scheme: sharing non-public recommendations, taking pre-broadcast positions, and squaring off to manipulate price and volume, constituting inducement and dealing in securities in contravention of the SEBI Act and PFUTP Regulations. Noticees A-D were held jointly and severally liable, found to have violated specified statutory provisions and regulations, and were debarred from accessing the securities market and prohibited from dealing in securities for two years from the interim order dated February 8, 2024; monetary penalties were also imposed.
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