TV news anchor caught in the clutches of SEBI, banned for five years with heavy fine

According to news agency ANI, the TV anchor is accused of fraud in trading. SEBI directed all the accused to pay the fine within the next 45 days.

SEBI has ordered all these anchors to return the illegal profit of Rs 10.83 crore earned through fraud. The accused have already deposited Rs 8.39 crore against SEBI's interim order of October 2021. Now he will pay only Rs 2.44 crore with 12 percent interest.

According to the SEBI order, the anchor has been found to be involved in Buy-Today-Sell-Tomorrow trades ("BTST") and intra-day trading. This trading fraud took place during the period from November 1, 2019, to January 13, 2021.

SEBI said that Furia took advantage of his privileged information. Furia executed these trades through his own and related entities' accounts. In such a situation, Furia used to benefit even before the stock recommendations were publicly disseminated.

When SEBI examined the case, several details were revealed in the WhatsApp chat. Conversations about stock recommendations and trading methods surfaced in the WhatsApp chat. In these conversations, two people were exchanging information about impending recommendations. In such a case, this WhatsApp exchange provided crucial evidence.

SEBI stated that financial journalists, particularly anchors of business channels, are trusted disseminators of market information to the public and play a significant role in the stock market. Investors trust their advise.