SEBI Says:
1.On analysis of the trading pattern of 2 entities viz. Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai for the period between January 1, 2019 to May 31, 2020 (‘Relevant Period’), high correlation of the trades of the aforesaid entities was observed with the recommendations furnished in the show Stock 20-20 (“Show”) aired on news channel CNBC Awaaz.
2.Based on the aforesaid, Securities and Exchange Board of India’s (“SEBI”) conducted a preliminary
examination for the Relevant Period to look into possible violations of provisions of the Securities
and Exchange Board of India Act, 1992 (“SEBI Act”) and various regulations framed thereunder including SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”) by certain entities including Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai.
SEBI’s Examination3.SEBI’s preliminary examination brought out the following:
3.1.Mr. Hemant Ghai was hosting / co-hosting various Shows; Stock 20-20(7:20 am between Monday to Friday), Munafe Ki Taiyari Pehla Saudaand Kamai Ka Adda
3.2.Stock 20-20 is described as a show that features recommendations on certain stocks to
be bought / sold during the day.
3.3.It was observed that Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai have undertaken
a large number of Buy-Today-Sell-Tomorrow(“BTST”)trades during the Relevant Period in synchronization with the recommendations made in the Show. Shares were bought on the previous day to the recommendations being made on the stock 20-20 show and sold immediately on the recommendation day.
3.4.The trades were done through Authorised Person of Motilal Oswal Financial Services Ltd., namely MAS Consultancy, Mehsana –Gujarat.
3.5.It was observed that Ms. Jaya Hemant Ghai is the spouse of Mr. Hemant Ghai and Ms. Shyam Mohini Ghai is the mother of Mr. Hemant Ghai.
3.6.Trades were executed in the trading accounts of Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai which were prima facie in violation of provisions of SEBI Act and PFUTP Regulations, have prima facie earned proceeds amounting to Rs. 2,95,18,680/-just through the limited number of trades examined during the Relevant Period.
Issues for Consideration and Prima Facie Findings
4.I have perused the findings of the preliminary examination conducted by SEBI and other materials available on record. On aperusal of the same, the following issues arise for consideration:
4.1.1.Issue No. 1: Whether prima facie, there is a repeated pattern of buying shares in the trading accounts of Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghaion the previous day to the recommendations made on the Show hosted byMr. Hemant Ghai and selling the same immediately after the said recommendation?4.1.2.Issue No. 2: If answer to issue no. 1 is in the affirmative, whether the aforesaid prima facie pattern of trading, amounts to a prima facie scheme or device or artifice that is in violation of the provisions of SEBI Act and Regulations?
For Details Please Visit this link
कोई टिप्पणी नहीं