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Stock experts on TV shows pocketed ₹8 crores by offering stock recommendations in a fraudulent scheme called front running. SEBI has taken action against those involved. The practice of front running in the stock market, where journalists share advanced information with stock brokers for profit, is explored.
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- Stock experts engaged in front running by providing insider stock recommendations to a network of stock-broken entities, resulting in increased trading volumes and profits.
- SEBI has implemented strong laws and developed an AI tool to identify suspicious spikes in trading volumes following TV show recommendations, but front running by journalists and TV personalities continues to be a concern.
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Stock experts making money from TV shows
Some stock experts featured on popular Indian business channel Z Business's shows, such as Kiran Kacamal, Hitman Himanshu, and Simee K non-stop shares, were found to engage in front running. They would provide insider stock recommendations to Nirmal Sony, who would pass the information to his network and stock-broken entities. This manipulation technique increased trading volumes and stock prices, allowing Nirmal's associates to sell the stock for profit. SEBI's interim order highlighted significant spikes in trading volumes, with a group of 10 individuals making a total of 7.4 crore rupees in 11 months.
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