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A Telegram channel provided recommendations to its subscribers for trading in both cash as well as derivatives segments, for both intra-day as well as positional trades. It was promoted through apps like Facebook, WhatsApp and Instagram.
SEBI has slapped a fine of INR 5.83 Cr on six operators of a Telegram channel involved in stock manipulation.
While imposing a penalty of Rs5.83 crore and directing disgorgement of unlawful gains earned through stock recommendation using the chat app Telegram, market regulator SEBI has barred six persons from the markets for one year to three years.
In the Telegram channel, the trio represented themselves as 4 Research analysts with a combined experience of 40 years, who are in the
SEBI probe found that individuals were taking positions in small-cap companies and then using platforms like Twitter and Telegram to artificially influence the stock price to make illegal profitsÂ