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New Delhi: Rigging in stock markets – manipulation of prices and violations by operators, participants would be like this. Capital markets regulator Securities and Exchange Board of India (SEBI) is now using artificial intelligence for investigation in various cases.
SEBI whole-time member Kamlesh Chandra Varshney said institutions should keep an eye on technological developments. On the issue of stock market manipulation, he said that working within the ambit of law will be beneficial and violators will face problems.
In this regard, a SEBI member said, SEBI is using AI-Artificial Intelligence for checks and more than that, is using multiple methods. This was said during the 13th international conference of the Association of National Stock Exchange Members of India (NMI).
Regarding this, he further said that everything is fine for SEBI as long as there is transparency in the market and there is no manipulation. SEBI is taking action against violators to increase transparency in the market and prevent wrongdoing.
Capital markets regulator SEBI has again issued a show cause notice to Arshad Warshi, his wife Maria Goretti, brother Iqbal Warshi and manager Ahuti Mistry in connection with the pump and dump scheme in Sadhna Broadcast Ltd shares through YouTube channels.
In the new notice, SEBI has accused 62 entities and individuals, including companies of the promoter group of Sadhna Broadcast, of wrongfully gaining benefits of Rs 59.77 crore.
SEBI, in its interim order in the show cause notice issued in December 2023, reduced the amount of illegal gain made by Warshi to Rs 41.7 lakh instead of Rs 29.43 lakh. The amount of illegal benefit received by his wife has been revised to Rs 50.35 lakh and the amount of illegal benefit received by Manager Mistry has been revised to Rs 57.83 lakh.
SEBI has released the details of the trade along with WhatsApp chat with YouTube channel operator Manish Mishra. Initially, Manish Mishra deposited Rs 25 lakh each in the bank accounts of Arshad Warsi, Maria Moretti and Iqbal Warsi. Subsequently, it was recorded in the show-cause that Manish was giving instructions to Arshad Warshi (working for Gemaria and Iqbal) for trades including shares of SBL.