SEBI fines 5 Zee Business guest experts, 10 others for fraudulent acts

In an interim order, the Securities and Exchange Board of India (SEBI) has fined Rs 7.41 crore five guests of Zee Business, as well as 10 other entities for indulging in fraudulent and unfair acts and unlawfully enriching themselves by taking advantage of being in a position to influence innocent investors.

SEBI noted that the five guest experts who appeared on different shows on Zee Business and provided/ issued stock recommendations to viewers of the news channel have significant presence in social media. These five guest experts are:

Kiran Jadhav (Noticee No. 11)

Ashish Kelkar (Noticee No. 12)

Himanshu Gupta (Noticee No. 13)

Mudit Goyal (Noticee No. 14)

Simi Bhaumik (Noticee No. 15)

SEBI stated that these Guest Experts have allegedly provided non-public information to certain entities (Profit Makers) prior to broadcasting of their recommendations.

The analysis of video recordings of broadcasted shows provided by ZMCL revealed that appearance of the aforementioned Guest Experts on Zee Business was not restricted to any specific show/ time and these Guest Experts appeared on Zee Business throughout the day under their respective taglines.