Atlanta has been accused of misleading investors through YouTube videos to buy shares.
Market regulator SEBI on Wednesday banned three persons from securities markets for five years for misleading investors through YouTube videos to buy Atlanta shares. According to PTI news, SEBI imposed a fine of Rs 50 lakh on Manish Mishra and Rs 10-10 lakh on Vivek Chauhan and Ankur Sharma. The market regulator also directed Mishra and Sharma to withdraw the illegal benefit of Rs 10.38 lakh and deposit the amount in the Investor Safety and Education (IPEF) within 45 days of the order.
Two people earned illegal profit
According to the news, SEBI said that notices 1, 2 and 5 (Manish Mishra, Vivek Chauhan and Ankur Sharma) connivated and joined the coordinated scheme to upload misleading videos to motivate investors to inspire the company to trade. By doing so, he violated the regulations PFUTP (prohibition of fraud and inappropriate trade practices). SEBI found that Manish Mishra made an illegal benefit of Rs 4.37 lakh and Ankur Sharma made an illegal benefit of Rs 6.01 lakh, while Vivek did not do any business in securities.
Wrong and misleading information spread
In his investigation, SEBI reported that Manish Mishra, who is identified as the creator of two YouTube channels – midcap calls and profit travel – spread wrong and misleading information to inspire investors to buy shares together with Chauhan and Sharma. Only after this, SEBI stopped Manish Mishra, Vivek Chauhan and Ankur Sharma from reaching the security market and banned them for five years from dealing in securities (including mutual fund units) or being connected to the securities market in any way.
Mishra and Chauhan have been defaulters again and again
The order states that Mishra and Chauhan have been repeatedly defaulters and they have previously worked against the fairness and sound trade principles of the market. The new order came after the investigation of trading activities in the shares of Listed Unit Atlanta Limited during the period from August 1 to November 23, 2022 (as per NSE’s reference). People were issued a show cause notice on 27 June 2024 for alleged violations. The Securities and Exchange Board of India (SEBI) had issued ban orders against Mishra and Chauhan in the case related to Sadhana Broadcast, Sharpline Broadcast and Pressure Sensitive Systems (India) Limited.
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