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SEBI observed that while many experts are spreading financial literacy in India and empowering investors, there are some who take advantage of their mass following to make unfair profits.
The SAT concluded that Biyani and Future had not indulged in insider trading since the information based on which they had made their trades was "generally available" in the public domain through various media reports.
The Court observed that SEBI is required to act in public interest; otherwise people would lose confidence in the market regulator.
SEBI prima facie found that Ansari was inducing clients by guaranteeing profits ranging from ₹3 lakh to ₹6 lakh and also providing buying recommendations in violation of SEBI Regulations.
A study of SEBI orders passed against registered investment advisers over the years found that most offer only equity derivative and speculative trading calls and tips; 51 percent of the orders were passed against entities from Indore, which is infamous for spam equity phone calls.