Security and Exchange Board of India imposed a huge amount of monetary penalty on two individuals for offering unauthorized trading tips through WhatsApp and internet sites.
The fine has been imposed on Mansoor Rafiq Khanda and Firoz Rafiq Khanda for tendering trading tips through WhatsApp, internet websites including www.fullonoption.com for not being an investment advisor.
After completing the investigation, SEBI found out that in 2016 they gave directions against these individuals to seize the unlawful gains of a sum of Rs 5.04 crore. In 2018, they were ordered by the SEBI to disgorge the illegal profits made by them along with interest as determined by the regulator in 2016.
However, both of them requested the Securities Appellate Tribunal (SAT) to take up their case, which was rejected in January, last year. The SEBI order further mentioned, "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."
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Last Updated Jan 21, 2021, 4:02 PM IST