Latest News | SAT Stays Sebi Order Against Ex-CNBC Awaaz Anchor Ghai, Family Members to Deposit Rs 3.9 Cr

New Delhi, Mar 17 (PTI) The Securities Appellate Tribunal has stayed a Sebi order against former CNBC Awaaz anchor Hemant Ghai and his family members, whereby the regulator had directed them to deposit alleged unlawful gains of Rs 3.9 crore in a case pertaining to fraudulent trading practices.

"The order dated February 3, 2022, directing the appellant to deposit a further amount towards the alleged unlawful gains amounting to Rs 3.90 crore shall remain stayed till the next date of listing," the tribunal said.

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The tribunal has listed the matter for admission on March 24, according to its order passed on March 11.

Sebi, through an order in February, impounded the ill-gotten gains to the tune of Rs 3.9 crore from Ghai, his wife and his mother following a detailed investigation in the matter related to fraudulent trading practices.

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The detailed investigation by the capital markets regulator revealed that the total wrongful gains made by them were Rs 6.15 crore.

However, the regulator, through an interim order in January 2021, already impounded Rs 2.95 crore from Ghai, his wife and his mother. Also, Sebi barred them from the capital markets for indulging in fraudulent trading practices.

Thereafter, a confirmatory order was passed by the Securities and Exchange Board of India (Sebi) in September last year.

In its interim order, Sebi had mentioned that Ghai had the advance information about the recommendation to be made on the "stock 20-20" show, co-hosted by him and that he directly or indirectly used it to his advantage. The show featured recommendations on certain stocks to be bought and sold during the day.

As noted in the confirmatory order, a detailed investigation was undertaken in the matter by Sebi.

The detailed investigation covered all the stock recommendations made on all televised shows hosted or co-hosted by Ghai and the buy-today-sell-tomorrow (BTST) as well as intraday trades undertaken to trade ahead of such recommendations for a period of three years preceding the date of the interim order.

The detailed investigation to ascertain whether there was any violation of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules by Hemant Ghai, his wife Jaya Hemant Ghai and mother Shyam Mohini Ghai during the period from January 2018 to January 2021.

Upon conclusion of the investigation in the matter, Sebi had found that Jaya and Shyam Mohini Ghai have made wrongful gains of Rs 4.52 crore and Rs 1.63 crore, respectively.

Accordingly, a sum of Rs 3.9 crore, being the unlawful gains, along with interest, was impounded, jointly and severally, from the noticees, Sebi had said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)