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Sebi cracks down on three YouTubers for misleading investment content
The regulator slapped a penalty of Rs 50 lakh on Manish Mishra and Rs 10 lakh each on Vivek Chauhan and Ankur Sharma.
The markets watchdog also directed Mishra and Sharma to disgorge the unlawful gains worth Rs 10.38 lakh that they had pocketed and deposit the amount in the Investor Protection and Education Fund (IPEF) within 45 days of the order.
"...the noticees 1, 2 and 5 (Manish Mishra, Vivek Chauhan and Ankur Sharma) have colluded and engaged in a coordinated scheme to upload misleading videos to induce investors to trade in shares of the company and in doing so, they have violated PFUTP (prohibition of fraudulent and unfair trade practices) regulations," Sebi said.
Sebi observed that Manish Mishra had made illegal profit of Rs 4.37 lakh and Ankur Sharma had made illegal profit of Rs 6.01 lakh, while Vivek has not traded in the securities at all.
In its probe, the regulator pointed out that Manish Mishra, identified as the creator of the two YouTube channels -- MIDCAP CALLS and profit yatra -- colluded with Chauhan and Sharma to disseminate false and misleading information to induce unsuspecting investors to buy shares.
Accordingly, Sebi debarred Manish Mishra, Vivek Chauhan and Ankur Sharma from accessing the securities market and further prohibited them from dealing in securities (including units of mutual funds) or being associated with the securities market in any manner, whatsoever, for five years.
Mishra and Chauhan are noted to be repeated defaulters and have acted against the spirit of fair play of the market and sound trading principles in the past also, the order said.
The latest order came after Sebi conducted an investigation (pursuant to a reference from NSE) in the trading activities in the scrip of listed-entity Atlantaa Ltd during the period from August 1 to November 23, 2022. A show cause notice was issued on June 27, 2024 to the individuals for the alleged violations.
Earlier, the Securities and Exchange Board of India (Sebi) had issued restraint orders against Mishra and Chauhan in the matter involving Sadhana Broadcast, Sharpline Broadcast and Pressure Sensitive Systems (India) Ltd.
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