Sebi, bourses checking listed cos' trade details
Sebi
and exchanges have started examining trade details of over two dozen
stocks as part of a probe into alleged leak of key financial details
of these companies through WhatsApp while the regulator is also
considering seeking call data records of the persons involved. The
companies include several listed blue-chip firms, officials said on
the condition of anonymity. The exchanges are analysing the trade
data of the last 12 months of such companies in order to detect any
possible breach of norms while Sebi is taking the help of data
warehouse and its intelligence systems, they added. Under Sebi rules,
all the financial details of listed companies should be disseminated
only through stock exchanges as they are considered price-sensitive.
Besides, Sebi is considering seeking call data records (CDRs) of all
the persons involved in alleged circulation of key financial details
and other information about listed companies on social media groups
before they are made public. The markets regulator has powers to seek
call data records, excluding the exact content of the communication,
from telecom firms. CDRs generally list out the number of
conversations between two or more entities and are different from
phone- tapping, where an agency can snoop on or record telephonic
conversations of those suspected to be engaged in some wrong- doings.
The information about the listed companies is mostly being made
through SMSes, WhatsApp and various social media platforms, where
names of some established brokerage houses and exchanges are also
being misused. While the Securities and Exchange Board of India
(Sebi) has already taken action in several such cases so far, it is
investigating a number of others involving similar activities, the
official said. The regulator has already taken action against several
entities for providing investment advice without registration. These
included MCX Biz Solutions, Moneyworld Research and Advisory, Global
Mount Money Research and Advisory, GoCapital, CapitalVia Global
Research and one Imtiyaz Hanif Khanda and his maternal uncle Vali
Mamad Habib Ghaniwala. Besides tightening its noose around the
scamsters, Sebi has stepped up its investor awareness campaign on
these issues. In several latest public notices, Sebi has cautioned
the investors against trading on the basis of unsolicited tips
received through SMSes, social media, websites and other public media
platforms. It also asked the public to deal with only Sebi-
registered investment advisors and research analysts and warned the
unregistered entities of strict action. In August, Sebi had got the
help from telecom regulator Trai to curb fraudulent bulk SMSes that
entrap gullible investors with stock tips promising huge financial
gains. Last year, Sebi had floated a consultation paper to ban
unauthorised trading tips through SMSes, WhatsApp, Twitter, Facebook
and other social media platforms, as also games, competitions and
leagues relating to the securities market.
However, the regulator has yet to put in place a final regulation in this regard.
However, the regulator has yet to put in place a final regulation in this regard.
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