Blogger's offers seek Sebi's attention
Mumbai: Sebi (Securities and Exchange Board of India) asked investors not to avail themselves of online offers made by a blogger soliciting unpublished, price-sensitive, insider information in return for a share in the profits from trading, reports Business Line.
The blogger, Dr. Nalamothu Venkata Krishna has been directed by Sebi to cease and desist from issuing his online offers. In its exparte order, Sebi said that through the blog stockmarketguide.in, Krishna sought information related to stake sale, mergers and acquisitions and other news or events. After the Sebi's order, the website could not be accessed.
The regulator also barred Krishna from trading directly or indirectly on the basis of inside information received as well as recommending or advising trading in scrips for which inside information had been received. "The prima facie appears that Dr. Krishna through his blog is inducing persons who may be possession of unpublished price sensitive information for a return of share in profits," observed Sebi.
In another order, the regulator confirmed an exparte order against Mukesh G Konde, Ashok Naryan Waje and Nitesh Ashok Jadhav in the matter of their failure to honour more than Rs.9.14 crore of pay-in obligations after buying shares of RTS Power in February. Sebi had barred them from accessing the stock markets in any manner, through an exparte order issued in June. The investigation is in progress, an order issued on November 18.
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