SEBI debars scammers for manipulating stocks through social media
By MYBRANDBOOK
The Securities and Exchange Board of India barred six individuals from the securities market for allegedly using social media platforms like Telegram and Twitter to artificially influence stock prices with a motive to make illegal gains.
It further found that those six individuals made combined gains of Rs 2.85 crore between January 1, 2021 and November 12, 2021. Their bank accounts have been seized for an amount of Rs 2.85 crore, which, as per SEBI, is the quantum of unlawful gains.
These operators have been accused of manipulating stocks through mobile messaging service Telegram channels with a large subscriber base. The suspected entities would first buy shares and then post messages in the Telegram channel recommending subscribers to buy the same shares. Later on, these entities would square off their positions.
The regulator has been increasingly taking the apprehension of the stock tips circulated by unregistered research analysts either on social media or TV channels. These entities allegedly end up passing stock tips to artificially influence the stock price and make a quick buck at the cost of other investors.
SEBI officials involved with the investigation have seized the mobile devices of these entities. A probe revealed messages recommending shares in which they were dealing. Investigation is still going on and these operators involved are being questioned.
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