Zee Media Corporation Ltd. issued a clarification on media reports on the fine issued by SEBI on guest experts of Zee Business.
The company said that these Noticee(s) are external and independent guests with whom the company had no relation beyond their TV appearances on Zee Business Channel.
"The Company had extended complete cooperation in the investigation and provided data as required by the SEBI", it said in an exchange filing.
"It is further stated that neither does the Company have any involvement in any of trading activities of Noticee(s) nor has SEBI passed any Order against the company", it said.
SEBI, in an interim order, has asked several guest experts on Zee Business to repay Rs 7.41 crore in alleged unlawful gains made by taking positions contrary to their on-air advice, according to the Feb. 8 order.
The investigation focused on the correlation between trading activities and stock recommendations of the experts from Feb. 1, 2022, to Dec. 31, 2022, according to the interim order of the Securities and Exchange Board of India.
SEBI has identified three categories of individuals: profit makers (who gained from alleged insider information); enablers (aiding profit makers); and guest experts (providing non-public information).
In the above matter, SEBI has only given the following direction to the company: "Zee Media Corporation Ltd. is advised to preserve and maintain all records, documents, material, video records, etc., along with their content, related to Notice Nos. 11 to 15 and concerned shows, till the final order of SEBI is passed," Zee Media said.
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