SEBI has slapped a fine of Rs 20 lakh on Mathew Easow of Kolkata-based Mathew Easow Fiscal Services for allegedly misleading investors through his investment recommendations on moneycontrol.com, a website owned by TV-18, which also manages CNBC-TV-18, a business television channel.
According to the market regulator, Easow took trading positions in four stocks Kalpana Industries, CESC, Ahlcon Parent and Albert David recommended them as possible buys to investors on the website and then subsequently started selling the stocks himself.
It is observed that Mathew Easow had given buy recommendations on all the above four scrips in the month of September 05 and he himself sold the said shares on the same month contrary to his recommendations, the Sebi order of September 26 said.
Earlier this year, Sebi had ordered Easow to stop offering recommendations about any investments in the securities market on any public media. It had also pulled up moneycontrol.com for not exercising due care and diligence in ensuring that people with proven credentials alone were allowed to give advice on the portal.
ON THE TRAIL
Easow took an opposite trading positions in four shares, says the regulator!
According to the market regulator, Easow took trading positions in four stocks Kalpana Industries, CESC, Ahlcon Parent and Albert David recommended them as possible buys to investors on the website and then subsequently started selling the stocks himself.
It is observed that Mathew Easow had given buy recommendations on all the above four scrips in the month of September 05 and he himself sold the said shares on the same month contrary to his recommendations, the Sebi order of September 26 said.
Earlier this year, Sebi had ordered Easow to stop offering recommendations about any investments in the securities market on any public media. It had also pulled up moneycontrol.com for not exercising due care and diligence in ensuring that people with proven credentials alone were allowed to give advice on the portal.
ON THE TRAIL
Easow took an opposite trading positions in four shares, says the regulator!