SEBI now using artificial intelligence for investigations

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New Delhi: Manipulations in stock markets - price ringing and violations by operators, participants will be like this. Capital market regulator Securities and Exchange Board of India (SEBI) is now using artificial intelligence for investigations in various cases.

Sebi Whole Time Member Kamlesh Chandra Varshney said entities should keep track of technological developments. Regarding the case of manipulations in the stock market, he said that working within the law will be beneficial and problems will arise for the violators.

In this regard, a SEBI member said, SEBI is using AI-Artificial Intelligence for checks and more than that, using multiple methods. This was said during the 13th International Convention held by the Association of National Stock Exchanges Members of India (NMI).

Regarding this he further said that everything is fine for SEBI as long as there is transparency in the market and there is no manipulation. SEBI is taking action against violators to increase transparency in the market and prevent wrongdoing.

Capital markets regulator Sebi has again issued a fresh show-cause notice to Arshad Warshi, his wife Maria Goretti, brother Iqbal Warshi and manager Ahuti Mistry in the case of pump and dump scheme in Sadhana Broadcast Limited shares through YouTube channels.

In the new notice, SEBI has accused 62 entities-persons, including Sadhana Broadcast's promoter group companies, of wrongly benefiting to the tune of Rs 59.77 crore.

SEBI revised the amount of illegal profit taking in the December 2023 show-cause notice and mentioned Rs 41.7 lakh instead of Rs 29.43 lakh by Warshi in the interim order. The amount of illegal benefit received by his wife has been revised to Rs 50.35 lakh and that of Manager Mistry to Rs 57.83 lakh.

SEBI has released the details of the trade along with a WhatsApp chat with YouTube channel operator Manish Mishra. Initially, Manish Mishra deposited Rs.25 lakh each in the bank accounts of Arshad Warshi, Maria Moretti and Iqbal Warshi. Subsequently, it has been recorded in the show-cause that Manish was instructing Arshad Warshi (working for Gemaria and Iqbal) for trades including shares of SBL.

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