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SEBI Boycotts Anchor Hemant Gahi, His Wife And His Mother From Indulging In Security Market
Security Exchange Board of India, ordered CNBC TV anchor Hemanth Ghai, his wife Jaya Hemant Gai, and mother Shyam Mohini Ghai to stay from indulging in trade practices of security and shares market until further orders. The SEBI found prima facie evidence to prove that, Hemanth Ghai took advantage of his position as a TV anchor. He hosted a program called Stock 20-20 where he would recommend shares, already brought in the name of his wife and mother, to the viewers thus increasing the profits earned.
Hence, SEBI banned Hemant Ghai, his wife, and mother from indulging in any stock activities such as, buying, selling, recommending, investing, or investing advice regarding shares or stocks, until further orders. The bank accused of all the three people have been frozen for debit. SEBI found this fraud when the bank accounts of all three people were analyzed and found an unusual pattern. The market regulator said that the trade patterns executed by these accounts were according to the next day’s recommendation made on the show. And Mr. Hemanth being a host of the program has misused his position as host of the show, SEBI alleges.
The trade executed in his wife’s and mother’s account took place just one day before such recommendations and 90 such trades were executed, earning an increased profit of 100 crores. Such acts would interfere with fair market practices and inhibit the growth and development of the security market, SEBI claims. Further, it would reduce the faith of customers and reduces the credibility of the market. The act of Hemant Ghai, Shyam Mohini Ghai, and his mother violates the SEBI Act and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) regulations, 2003. Hence
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