India's markets regulator on Wednesday barred six individuals from the securities market for one to three years, saying they made false stock recommendations through social media app Telegram.
The Securities and Exchange Board of India, in an order uploaded on its website, said these individuals made unlawful gains to the tune of 23.4 million rupees ($286,092) in total, and would have to pay nearly 56.8 million rupees ($694,419) as penalties.
They also engaged in spreading false and misleading messages
recommending buying specific stocks in the Telegram channel and
booked profits from the resulting impact on price and volume of
the recommended stock, SEBI said in its order.
($1 = 81.7950 Indian rupees)
(Reporting by Jayshree P Upadhyay in Mumbai; Editing by
Nivedita Bhattacharjee)
