Sebi Bans Three For Misleading Investors Via YouTube, Slaps ₹70 Lakh Fine
Sebi has banned three individuals for five years for misleading investors through YouTube videos promoting Atlantaa shares. A total penalty of Rs 70 lakh was imposed, and two of them must return illegal profits earned by tricking investors.
Manish Mishra, Vivek Chauhan, and Ankur Sharma barred from market for 5 years for fraud involving Atlantaa shares. |
Mumbai: The Securities and Exchange Board of India (Sebi) has banned three individuals — Manish Mishra, Vivek Chauhan, and Ankur Sharma — from the securities market for five years. The action was taken after they misled investors through YouTube videos. These videos promoted the stock of Atlantaa Ltd with false and misleading information.
Fined and ordered to return illegal gains
Sebi has imposed a total fine of Rs 70 lakh. Manish Mishra was fined Rs 50 lakh, while Vivek Chauhan and Ankur Sharma were fined Rs 10 lakh each. In addition to the fines, Mishra and Sharma were ordered to return the profits they made unlawfully. Mishra earned Rs 4.37 lakh and Sharma made Rs 6.01 lakh. They must deposit these amounts in the Investor Protection and Education Fund (IPEF) within 45 days.
YouTube channels used to mislead investors
According to Sebi’s investigation, Manish Mishra created two YouTube channels — "MIDCAP CALLS" and "profit yatra." He used these platforms to post false information about Atlantaa shares. He did this along with Vivek Chauhan and Ankur Sharma. Their aim was to influence people to buy the stock and increase its price.
Vivek Chauhan did not trade but helped spread false info
Even though Vivek Chauhan did not trade in Atlantaa shares, he helped promote the misleading videos. Sebi said that all three individuals worked together in a planned way to trick investors. This behavior violated rules under the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.
Repeat offenders
Sebi also noted that Mishra and Chauhan had been involved in similar wrongdoing before. They were earlier restrained in cases related to companies like Sadhana Broadcast, Sharpline Broadcast, and Pressure Sensitive Systems (India) Ltd.
Investigation details
The latest action was based on an investigation that began after a reference from the National Stock Exchange (NSE). Sebi looked into trading activity in Atlantaa shares between August 1 and November 23, 2022. A show-cause notice was sent to the three men in June 2024.
(With PTI Inputs)
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