Sebi ban YouTube stock tips

Markets regulator Sebi on Wednesday barred three individuals from the securities markets for five years for allegedly misleading investors through YouTube videos to buy shares of Atlantaa.

The regulator slapped a penalty of Rs 50 lakh on Manish Mishra and Rs 10 lakh each on Vivek Chauhan and Ankur Sharma.

The markets watchdog also directed Mishra and Sharma to disgorge the unlawful gains worth Rs 10.38 lakh that they had pocketed and deposit the amount in the Investor Protection and Education Fund (IPEF) within 45 days of the order.

"...the noticees 1, 2 and 5 (Manish Mishra, Vivek Chauhan and Ankur Sharma) have colluded and engaged in a coordinated scheme to upload misleading videos to induce investors to trade in shares of the company and in doing so, they have violated PFUTP (prohibition of fraudulent and unfair trade practices) regulations," Sebi said.

Sebi observed that Manish Mishra had made illegal profit of Rs 4.37 lakh and Ankur Sharma had made illegal profit of Rs 6.01 lakh, while Vivek has not traded in the securities at all.