SEBI cracks down on illegal WhatsApp and Telegram groups which are used to inflate stock prices.
SEBI impounds bank accounts of Admins of WhatsApp and TeleGram accounts. Some groups had nearly 50k users
@SEBI_India #Sebi
SEBI impounds bank accounts of Admins of WhatsApp and TeleGram accounts. Some groups had nearly 50k users
@SEBI_India #Sebi
SEBI commenced its investigation in 2021 after several complaints where the admins purchased small cap stocks in bulk quantities, thereafter recommended the stock on the social media groups. Once the stock price jumped, they took a contrary view after selling the shares at profit
A Telegram Group "Bull Run Investment Educational Channel" had 51,980 subscribers and described themselves as “We are team of 4 Research Analysts with combined experience of 40 years.
SEBI used Telegram + WhatsApp + Truecaller to unearth details in this investigation.
SEBI used Telegram + WhatsApp + Truecaller to unearth details in this investigation.
SEBI conducted a search and seizure operation in Mahesana, Ahmedabad and other Gujarat towns and recovered electronic data that suggested that the Telegram Channel was also cross promoted (advertised) through Facebook, Instagram etc.
Although Telegram Channel advertised itself as having Research Analyst, the admin of the Telegram Channel graduated Masters in Tourism Management and does not possess any educational qualification for pursuing a profession of a Research Analyst: SEBI
[FULL STORY] SEBI cracks whip on Telegram channel, WhatsApp group that illegally inflated stock prices: Here's how they did it
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