Zee Media issues clarification after Sebi takes action against guest experts for unlawful trading

In a BSE filing, the company has clarified that the Noticee(s) are external and independent guests with whom the Company had no relation beyond their TV appearances on Zee Business Channel. It also clarified that SEBI has not passed any Order against the company.

It further stated that neither does the Company have any involvement in any of trading activities of Noticee(s) nor has SEBI passed any Order against the Company, the company said.

This statement from Zee Media came after, on 8 February, Sebi issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. As per SEBI, the entities made unlawful gains to the tune of ₹7.41 crore from such trades and the profit was shared with guest experts as per prior understanding.

Zee Media in a statement said, “In the above matter, SEBI has only given the following direction to the Company: “Zee Media Corporation Limited is advised to preserve and maintain all records, documents, material, video records, etc., along with their content, related to Noticee Nos. 11 to 15 and concerned shows till the final order of SEBI is passed.”

The list includes names like Simi Bhaumik, Mudit Goyal Himanshu Gupta, Ashish Kelkar, Kiran Jadhav, Ramawatar Lalchand Chotia, SAAR Securities India Private Limited, Ajaykumar Ramakant Sharma, Rupesh Kumar Matoliya, Nitin Chhalani, Kanhya Trading Company, Manan Sharecom Private Limited, SAAR Commodities Private Limited, Partha Sarathi Dhar and Nirmal Kumar Soni.

The market regulator also asked the guest experts to pay ₹7.41 crore. As per SEBI, these guest experts appeared on the Zee Business channel between 1 February 2022 and 31 December 2022.  In its 127-page order, SEBI said, “The facts of this case demonstrates clear scheme of manipulation to harm the interest of investors by misguiding them to take position in securities so that profit makers could make profit at the cost of such investors.”

Further, Sebi also restrained all the 10 entities “from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders”. 

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Published: 11 Feb 2024, 02:29 PM IST