ZEE Media has issued a reply regarding a February 8 SEBI interim order that asked several guest experts appearing on the Zee Business news channel to cough up Rs 7.41 crore “unlawful gain” that they made by taking opposite positions in the market than they advised on air.
Action has been taken against fifteen experts appearing on the channel between February 01, 2022 and December 31, 2022. Some of them were directly involved in taking such unlawful trades, while others enabled them. Some of them have also been barred from trading in the market until further orders, SEBI said in its order on February 8.
Zee Media issued a statement: "We would like to apprise you that SEBI vide its interim order dated February 8, 2024 (‘Order’), has inter-alia barred certain individuals / entities (also referred as Noticee(s) in Order) from trading activity until further notice."
"In relation to the above order, certain media reports have been published wherein the headlines suggest that fines were imposed on “Zee Business’ guest experts.” The Company wishes to clarify 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 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. In the above matter, SEBI has only given the following direction to the Company:
“Zee Media Corporation Limited is advised to preserve and maintain all records, documents, material, video records, etc., along with their content, related to Noticee Nos. 11 to 15 and concerned shows till the final order of SEBI is passed.”