The stock market regulator found that Hemant along with his wife Jaya Hemant Ghai and mother Shyam Mohini Ghai employed a scheme to conduct fraudulent or unfair trading based on the advance information pertaining to recommendations to be made in the show “stock-20-20″. On an analysis of the trading pattern in the trading account of Jaya Hemant Ghai and Shyam Mohini Ghai for the period between January 1, 2019, and May 31, 2020, high correlation of their trades was observed with the stocks recommended in the show. It thereby generated the proceeds of Rs 2.95 crore by carrying out fraudulent trading in respect of recommended stocks.
It found that shares were consistently purchased in the trading accounts of Hemant Ghai”s wife and mother, one day prior to the day of recommendation on the show. To capture the significant benefits from the price movement caused by the recommendations on the show, they then sold their shares as soon as the market opened on the day of the recommendation and consequently, earned profits and perpetrated a fraud upon the market and the viewers of the show, Sebi said.
Hemant Ghai was recommending buys on TV and selling that same day completing his BTST and earning quick profits. Devious and clear manipulation I am posting this, so brand-new investors understand the possibilities involved whenever they receive so called ‘tips’.