Entities Profited from Non-Public Stock Tips, Violating SEBI Rules; Interim Order Proposed to Protect Markets.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Substantial profits were generated by trading entities based on advance receipt of non-public information regarding stock recommendations from guest experts appearing on a business channel. Evidence shows correlation between trades executed by suspect entities and recommendations made by guest experts. Profit Makers collectively earned around INR 7.41 crore from 1047 instances of such trades, constituting 54% of their total profits during the relevant period. Guest experts admitted to having profit-sharing arrangements with Profit Makers for providing recommendations in advance. Trades were executed by Profit Makers in their accounts as well as accounts of other connected entities. The acts prima facie violate provisions of the SEBI Act pro.........