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The Securities Appellate Tribunal has stayed the market regulator Securities Exchange Board of India order on television anchor Hemant Ghai to deposit ₹3.90 crore for allegedly making unlawful gains.
“The order dated February 3 directing the appellant (Ghai) to deposit a further amount towards the alleged unlawful gains amounting to ₹3,90,67,921 shall remain stayed till the next date of listing,” the tribunal said while adjourning the matter.
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.
SEBI had banned 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) had undertaken a large number of Buy-Today-Sell-Tomorrow trades during the relevant period in synchronisation with the recommendations made in the 20-20 show.
Shares were bought on the previous day to the recommendations being made on the stock show and sold immediately on the recommendation day,” Sebi had said in its order last year.
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