Markets regulator Sebi on Tuesday barred two entities, Hanif Kasambhai Shekh and Robert Resources Ltd, for one year for indulging in manipulative trading activities through a Telegram channel that was used to give stock-specific recommendations to subscribers.
The regulator also directed Shekh and Robert Resources Ltd (RRL) to jointly and severally, disgorge the total unlawful gains of Rs 28.80 lakh along with 12 per cent interest per annum from February 18, 2022, till the date of the last fraudulent trade.
The order came after Sebi conducted an investigation in the matter of suspected pump and dump of stocks using a Telegram channel named 'Safebulls' based on a complaint dated September 30, 2021.
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