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Mumbai: SEBI On Thursday, raids were conducted in many cities of India and seized mobile phones, laptops, desktops etc., which were being used stock price manipulation Through messages and posts on nine Telegram channels with a combined subscriber base of around 50 lakhs. SEBI warned investors not to “rely on unsolicited investment tips received through social media platforms” for making investment decisions.
The regulator had taken permission from the special judge of SEBI Purushottam B Jadhavi Before conducting search and seizure operations in Ahmedabad and Bhavnagar in Gujarat, Neemuch in Madhya Pradesh, Delhi and Mumbai, a source said. it was done search and seizure Operating on the premises of seven individuals and one corporate entity. A SEBI release said it has seized various records and documents and a large number of electronic as well as storage devices.
“These entities are reportedly operating nine Telegram channels with over 5 million (50 lakh) subscribers to whom they were making recommendations on selected listed shares. Such recommendations prompted investors to deal in the said shares, leading to artificial volume and price increases. This gave their affiliated entities the opportunity to offload their shares at higher prices and make significant profits at unsuspecting prices. retail investor,” SEBI said. “The data, emails and other documents are being recovered from the seized devices and a detailed investigation is on.”
The search and seizure operation was part of SEBI’s ongoing effort to weed out elements who try to induce gullible investors to buy shares of questionable or unsubstantiated fundamentals, driving up the price of those shares. and then gradually exit after investing a large number of investors. in those shares.
Mumbai: SEBI On Thursday, raids were conducted in many cities of India and seized mobile phones, laptops, desktops etc., which were being used stock price manipulation Through messages and posts on nine Telegram channels with a combined subscriber base of around 50 lakhs. SEBI warned investors not to “rely on unsolicited investment tips received through social media platforms” for making investment decisions.
The regulator had taken permission from the special judge of SEBI Purushottam B Jadhavi Before conducting search and seizure operations in Ahmedabad and Bhavnagar in Gujarat, Neemuch in Madhya Pradesh, Delhi and Mumbai, a source said. it was done search and seizure Operating on the premises of seven individuals and one corporate entity. A SEBI release said it has seized various records and documents and a large number of electronic as well as storage devices.
“These entities are reportedly operating nine Telegram channels with over 5 million (50 lakh) subscribers to whom they were making recommendations on selected listed shares. Such recommendations prompted investors to deal in the said shares, leading to artificial volume and price increases. This gave their affiliated entities the opportunity to offload their shares at higher prices and make significant profits at unsuspecting prices. retail investor,” SEBI said. “The data, emails and other documents are being recovered from the seized devices and a detailed investigation is on.”
The search and seizure operation was part of SEBI’s ongoing effort to weed out elements who try to induce gullible investors to buy shares of questionable or unsubstantiated fundamentals, driving up the price of those shares. and then gradually exit after investing a large number of investors. in those shares.