Sebi on Tuesday confirmed the securities market ban on 21 entities in a case related to manipulation of share price of Sadhna Broadcast by way of uploading misleading videos on YouTube channels.
The ban on one individual — Kundan Singh Bisht — has been lifted and the total estimated amount of illegal gains through the alleged manipulation has been revised to Rs 38.61 crore.
In March this year, the watchdog had barred various entities in the case and the estimated illegal gains earlier was Rs 41.85 crore.
In a 125-page confirmatory order in the case with respect to 22 entities on Tuesday, Sebi refused to lift the ban on 21 of them.
“I find that the submissions of the Noticees, except that Kundan Singh Bisht, are insufficient to refute the prima facie conclusions drawn in the Interim Order.
“Consequently, the prima facie findings in the interim order dated March 02, 2023 that the Noticees have engaged in a fraudulent and manipulative scheme resulting in contravention of provision
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