Market regulator SEBI on Wednesday imposed a 5 -year ban on three people entry into the market. The case is related to the alleged fraud purchasing of shares in Atlanta’s shares through YouTube’s misleading video.
SEBI had earlier issued a ban order on two persons Manish Mishra and Vivek Chauhan in cases of Sadhana Broadcast and Sharpline Broadcast.
The alleged rigging in Atlanta was done in 2022. Whereas the stock was in a limited range before uploading misleading videos on YouTube. Through the YouTube video, the alleged people inspired investors to buy the company shares, after which they sold a large part of their holding at increased prices.
However, its prices rose from Rs 18.4 to Rs 27.45 within a week.
The market regulator has directed to collect illegal earnings of Rs 6 crore from Sharma and Rs 4.37 crore from Mishra. This amount will be deposited in the Investor Safety and Education Fund (IPEF).
SEBI has also imposed a fine of Rs 50 lakh on Mishra for collusion in the case, Rs 10 lakh on Chauhan and Rs 10 lakh on Ankur Sharma.
First Published – April 30, 2025 | 10:35 pm IST
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(Tagstotranslate) Sebi market ban