The regulator SEBI has blacklisted seven persons in an elaborate stock market manipulation scam. They have been charged with a pump and dump scheme through social media for generating profits illegally amounting to more than ₹20.25 crore. SEBI has immediately halted their trading activities in securities.

This decision has been made in a 234-page interim order by SEBI dated May 22. In addition to that, SEBI has restricted Hemant Gupta, finfluencer, and his two sons, Rohan Gupta and Aniket Gupta, from offering services as unregistered research analysts.

According to SEBI, Hemant, Rohan, and Aniket acted as "operators." They first built positions in thinly traded SME stocks. Then, they inflated prices by spreading bullish recommendations on social media. They then sold their holdings at a profit. Four other family members, Sharon, Leena, Rajni, and Purvangi Gupta, assisted in this operation. They used their trading accounts or traded on the operators' instructions.

The investigation period was from December 1, 2023, to January 20, 2026. During this period, 82 stocks were manipulated. Rohan and Aniket posted bullish updates on their X handles. Hemant spread these recommendations on WhatsApp and Telegram groups. They often added explicit target prices. To avoid regulatory scrutiny, they did not disclose such information on X.

SEBI found that the total gross traded value of these seven individuals increased by 86 percent. This increased from Rs 548 crore in the pre-investigation period to Rs 1023 crore. Their total profit increased by 242% to Rs 58.40 crore. Rohan and Sharon Gupta made the highest profit of Rs 50.03 crore. The Gupta family made illegal gains of more than Rs 20.25 crore from the pockets of naive investors. These investors followed stock recommendations circulated on social media.

Hemant, Rohan, and Aniket were not registered as research analysts. Despite not being registered, they were providing services to their clients and misleading them into trading in the securities market based on stock analysis. SEBI has directed the Gupta family to jointly and severally forfeit illegal gains of more than Rs 20.25 crore. They have also been barred from buying, selling, or dealing in securities, directly or indirectly. This ban will take effect immediately.