Tuesday, March 2, 2021
Home News Reports Network18 Group terminates CNBC Awaaz anchor Hemant Ghai after SEBI banned him for fraudulent...

Network18 Group terminates CNBC Awaaz anchor Hemant Ghai after SEBI banned him for fraudulent trading

Hemant Ghai had used his wife and mother's names to purchase stocks that he would recommend the next day in his program

CNBC Awaaz has terminated stocks editor and anchor Hemant Ghai after an order was passed by the Securities and Exchange Board of India (SEBI) against him for violating stock market regulations. Ghar was the co-host of Stocks 20-20 on the Network18 Group’s Hindi Business news channel. On 13th January, SEBI had banned him from trading in the capital market, and also from giving any recommendation related to stocks.

The network issued a statement on his termination and said that its employees are required to pledge themselves to a code of conduct that expressly forbids them to manipulate prices of the listed securities. The network added, “Mr. Ghai was also a signatory to the code of conduct. Network18 takes its commitment to honesty and integrity seriously. We will not tolerate any behaviour which does not conform to the highest standards of professional and ethical conduct.”

Ghai did trading from his wife and mother’s accounts

In its orders, SEBI alleged that Ghai had used his wife and mother’s names to purchase stocks that he would recommend the next day. It resulted in the increased purchase of the stocks, increasing the price, after which would sale the stocks making a profit. Such practices are prohibited under the provisions of SEBI’s (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.

SEBI in its order said, “By purchasing shares in the accounts of Jaya Hemant Ghai and Shyam Mohini Ghai for which buy recommendation is given, with the advance information of buy recommendation and thereafter selling the same as soon as the market opens on the recommendation day unfairly taking advantage of the price and volume rise post recommendation is a fraud played upon the market and the viewers of the Show. The viewers of the Show trust the recommendation made in the Show without realising the scheme has been devised for their personal gains.”

Ghai cannot indulge in investment activities

These trades were made through Authorised Person of Motilal Oswal Financial Services Ltd., namely MAS Consultancy, Mehsana, Gujarat. Ghai is no longer allowed to indulge in any activity related to giving investment advice, sell or buy recommendations, publish any research report or any activity related to the market until further notice. As per the reports, he had made around Rs.3 crore by such activities, and SEBI has ordered the respective banks to freeze the accounts of Ghai along with the accounts of his wife and mother.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Twitter forces user to delete tweet highlighting Hindu victims of Godhra massacre, days after it refused to block fake news

Users have accused the platform of deliberately censoring posts that highlight the Hindu victims of the Godhra Massacre.

Andhra Pradesh: Evangelists build a huge Christian cross-shaped structure at the holy site of Hindus, alleges BJP

BJP leaders have alleged that the huge Christian Cross symbol was put up illegally in Guntur, Andhra Pradesh where Hindus believed Sita Maa's footprints existed

Special Prosecutor in Delhi Riots case shows court a Newslaundry article that created a false narrative against the investigation

Special Public Prosecutor slammed Newslaundry in court, said they reported false information under his name in Delhi riots reportage

Remember Agra kidnapping case where a girl was shrouded in Burqa? Here is why she planned the abduction herself

On Monday night, the police recovered the girl from a PG in Delhi's Tilak Nagar area. On being asked about the abduction, she claimed to have gone to Delhi to prepare for NEET examination.

Aamir Khan shelves Mahabharat amidst controversies because ‘now is not the right time’: Reports

Aamir Khan has shelved his 'Mahabharat' project amidst controversies because the 'timing' is not right, reports say.

Miami-based art collector sells 10-second video artwork for $6.6 million, brings focus on NFTs and the value of ‘digital assets’

NFT-authenticated 10-second video artwork by Beeple sold for $6.6 million and it made people wonder if NFTs are the next big thing in tech world.

Recently Popular

‘Inserted her hand claiming she was planting a tree’: LGBT activist Divya Dureja accused of sexual assault under pretext of shamanic ritual

A popular LGBT activist Divya Dureja has been accused of sexual assault by Elodie Gendron under pretext of a Shamanic ritual.

Gujarat: Ahmedabad woman Ayesha commits suicide by jumping into Sabarmati River, last video message goes viral

A video has gone viral on social media where Ayesha, a young woman, can be heard announcing her decision to commit suicide.

The Hindu ‘journalist’ Suhasini Haidar puts out misinformation about ISRO satellite launch: Read details

Suhasini Haidar, National Editor of 'The Hindu', put out false information on social media in attempt to mislead the public.

Aamir Khan shelves Mahabharat amidst controversies because ‘now is not the right time’: Reports

Aamir Khan has shelved his 'Mahabharat' project amidst controversies because the 'timing' is not right, reports say.

Sourav Ganguly may attend PM Modi’s Brigade Ground rally in Kolkata on 7th March: Local media

Sourav Ganguly may attend PM Modi's rally at Brigade Ground in Kolkata on March 7, according to reports in local media.

Remember Agra kidnapping case where a girl was shrouded in Burqa? Here is why she planned the abduction herself

On Monday night, the police recovered the girl from a PG in Delhi's Tilak Nagar area. On being asked about the abduction, she claimed to have gone to Delhi to prepare for NEET examination.
- Advertisement -

 

Connect with us

253,185FansLike
521,376FollowersFollow
23,800SubscribersSubscribe