Giving wrong knowledge on stock market proved costly, SEBI sent demand notice of 2.83 crores to 7 people
In the race to become famous, people often give wrong tips and knowledge about the stock market, which has very bad consequences. Similarly, 7 people who were giving wrong information about the stock market have been punished by SEBI and SEBI has sent them a demand notice of Rs 3 crore.
You must have often heard people on social media giving gyaan about the stock market. No one knows when giving this gyaan will prove costly for someone.
Actually, in the race to become famous, people often give wrong tips and gyaan about the stock market, the result of which is very bad. Similarly, SEBI has taken action against 7 people who were giving wrong information about the stock market.
Market regulator SEBI had imposed a fine of about Rs 3 crore on 7 people last year. SEBI has sent a demand notice to these 7 people for not paying the fine even after a long time.
According to the information, SEBI has sent a demand notice of Rs 2.83 crore to seven people including Pradeep Baijnath Pandya, who runs a stock market show on a TV channel, for not paying the fine imposed in connection with fraudulent trading activities in June last year.
Demand notice sent to these people
Apart from Pandya, Toshi Trade, Mahan Investment, Manish Vasanji Furia (HUF), Manish Vasanji Furia, Alpa Alpesh Furia, Alpesh Vasanji Furia (HUF) and Alpesh Vasanji Furia were also sent notices to pay the fine.
Demand notices have been sent to these units for failing to pay the fine imposed by the Securities and Exchange Board of India (SEBI) in June last year.
What will happen if the fine is not paid?
SEBI has warned that if Pandya and the other 7 financial institutions do not pay the fine within 15 days after the notice issued on February 7, then their properties including their bank accounts will be confiscated.
In separate demand notices, SEBI has asked to pay Rs 2.83 crore including interest and recovery cost within 15 days.
Let us tell you, giving wrong information about the stock market through any medium is a crime. If someone does this, then SEBI can take action against him.