Zee Media clarifies after guest experts are targeted by SEBI for engaging in illicit trading

Zee Media clarifies after guest experts are targeted by SEBI for engaging in illicit trading

Zee Media has made it clear that, except from TV appearances, it has no affiliation with outside guests engaged in business-related activities on the Zee Business channel. No orders have been issued by SEBI against the firm.

Regarding the participation of outside and independent guests on the Zee Business channel in business-related events, Zee Media released an explanation on February 10.

The business has made it clear in the BSE filing that the notice receivers are independent, external guests, with whom it has no affiliation whatsoever except from their television appearances on the Zee Business channel. It made it clear that the firm is not the subject of any orders issued by SEBI.

The business went on to state that neither it nor SEBI had issued any orders against it, nor was it involved in any trading activity involving the notification receivers.

Zee Media made this remark after SEBI issued action orders against 15 guest experts of Zee Business Channel on February 8 for engaging in illicit trading. From these transactions, the businesses gained unlawful gains of ₹7.41 crore, which SEBI claims were divided with the visiting experts in accordance with an earlier agreement.

"In the aforementioned matter, SEBI has only advised Zee Media Corporation Limited to preserve and maintain all records, documents, and materials," the business stated in a statement.Al, Video Records, and so on, as well as their contents, until SEBI issues a definitive ruling regarding Notice Nos. 11 through 15 and associated performances.

Simi Bhowmik, Mudit Goyal, Himanshu Gupta, Ashish Kelkar, Kiran Jadhav, Ramavatar Lalchand Chotia, Ajaykumar Ramakant Sharma, Rupesh Kumar Matolia, Nitin Chhalani, Kanhya Trading Company, Manan Sharecom Private Limited, as well as SAAR Securities India.Private Limited are among those on this list. Nirmal Kumar Soni, Partha Sarathi Dhar, and Commodities Private Limited.

Additionally, the guest experts were directed to pay ₹7.41 crore by the market regulator. These guest experts aired on Zee Business channel between February 1, 2022, and December 31, 2022, according to SEBI. In its 127-page ruling, Sebi said, "The facts of this case reflect a clear program of manipulation to harm the interests of investors." They are being tricked into buying assets so that those looking to profit may do so at the cost of these investors.

"Buying, selling, or interacting in securities in any manner directly or indirectly until further orders" was another restriction imposed by SEBI on all ten firms.