Key Points
The Securities and Exchange Board of India (SEBI) has barred three individuals who were the administrators of a Telegram channel named @bullrun2017 from accessing the market and imposed a penalty of Rs 5.68 crore on them for providing misleading recommendations on specific stocks in the messaging app...
The three persons Himanshu Patel, Raj Patel (both are brothers and based in Mehsana) and Jaydev Zala (Ahmedabad) used to first buy stocks of a particular company and then recommend other subscribers of the channel to buy those specific stocks..
After the subscribers used to buy the recommended stocks, the three perpetrators would sell those stocks at higher prices and book wrongful profits...
Both Patel brothers used to purchase specific stocks through their own trading accounts as well as the trading accounts of their family members named Mahendrabhai Bechardas Patel, Kokilaben Mahendrabhai Patel and Avaniben Kirankumar Patel..
After purchasing stocks of specific companies, the three men used to circulate messages in the Telegram channel named @bullrun2017, recommending other subscribers to buy those specific shares without disclosing their own interest and intent to sell the stocks instead...
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