The Securities Appellate Tribunal (SAT) has stayed directions passed by market regulator, Securities Exchange Board of India (SEBI) against television anchor Hemant Ghai to deposit Rs 3.90 crore, allegedly made unlawfully.
“The order dated February 3, 2022 directing the appellant to deposit a further amount towards the alleged unlawful gains amounting to Rs 3,90,67,921 shall remain stayed till the next date of listing,” the tribunal said while adjourning the matter to March 24, 2022.
Mustafa Doctor, Senior Advocate with Ravichandra Hegde, Vishal Khanavkar, Abhineet Sharma, Samyak Pati, Ishita Bajaj and Parinaz Bharucha from Parinam Law Associates represented the appellant. While Pradeep Sancheti, Senior Advocate with Abhiraj Arora, Harshvardhan Nankani, Shourya Tanay and Anshu Mehta respresented on behalf of the respondent.
SEBI had banned Hemant Ghai, his wife and mother from accessing the capital markets for indulging in fraudulent trading activity. It was observed that Jaya Hemant Ghai (wife) and Shyam Mohini Ghai (mother) have undertaken a large number of Buy-Today-Sell-Tomorrow (BTST) trades during the relevant period in synchronisation with the recommendations made in the Show. Shares were bought on the previous day to the recommendations being made on the stock 20-20 show and sold immediately on the recommendation day,” said Sebi has said in an order last year.
