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WhatsApp investment tips' land two in trouble with SEBI
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SME Times News Bureau | 20 Jan, 2021
Securities market regulator SEBI on Wednesday imposed a penalty of Rs 25
lakh on Mansoor Rafiq Khanda and Firoz Rafiq Khanda for offering
trading tips through WhatsApp messages and internet websites including
www.fullonoption.com without being registered with the regulator as
investment advisers.
Upon completion of the investigation, the
SEBI had issued directions against them in 2016 to impound the unlawful
gains of a sum of Rs 5.04 crore.
In June 2018, the SEBI passed an
order against the individuals directing them to disgorge the unlawful
gains made by them along with interest as determined by the regulator in
2016.
Both the individuals had filed an appeal before the
Securities Appellate Tribunal (SAT), which was dismissed in January last
year.
"Considering all the facts and circumstances of the case, I
hereby impose the monetary penalty of Rs 25,00,000 on the noticees, for
not complying with the directions," said the SEBI order.
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