Prannoy and wife Radhika caught for insider trading by SEBI
The Stock Exchange Board of India (SEBI) has banned NDTV owners Prannoy Roy, wife Radhika Roy, and former Managing Editor Vikram Chandra for two years from trading in stock exchanges for insider trading and rigging of NDTV’s shares in stock exchanges. Prannoy Roy and his wife are fined more than Rs.16.97 crores at the rate of six percent from 2008. PGurus has published a series of articles on the stock exchange manipulations by NDTV owner Prannoy Roy since 2006[1][2][3][4]. Vikram Chandra, who is a co-accused in all Mr. & Mrs. Roy’s frauds, is fined Rs.6.7 lakhs for insider trading. He is also barred from trading in the stock exchange for one year.
The 99-page SEBI Order details the stock exchange frauds committed by Prannoy Roy who preaches ethics in TV channels. “The gains made by the Noticees (Prannoy Roy & Radhika Roy) have been calculated as the difference between actual sell price (i.e., ₹435.1) received and actual buy price (i.e., ₹400) of 4835850 shares of NDTV incurred by the Noticees. For the reasons enumerated above and in order to protect the interest of investors and the integrity of the securities market, I, in the exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992, read with section 11, 11(4) and 11B of the SEBI Act, 1992, hereby issue the following directions:
(a) The Noticees herein, namely, Mr. Prannoy Roy and Mrs. Radhika Roy shall, jointly or severally, disgorge the amount of wrongful gain of ₹16,97,38,335/– as computed in the show cause notice, along with interest at the rate of 6% per annum from April 17, 2008, till the date of actual payment of disgorgement amount along with interest, within 45 days from the date of coming into force of this order.
(b) The Noticees herein, i.e., Mr. Prannoy Roy and Mrs. Radhika Roy shall be restrained from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 2 years.
SEBI has also fined other NDTV’s top officers and management consultants like Ishwari Prasad Bajpayee, Saurav Banerjee, Sanjay Dutt, and wife Prenita Dutt during the period 2006-2008 for insider trading.
As per the 99-page order of SEBI, Prannoy Roy and his wife made a profit of Rs.16.97 crores by selling NDTV shares through illegal insider trading methods.
At present Prannoy Roy and his wife are facing two CBI FIRs for ICICI Bank Fraud. The FIR was registered in June 2017 and the charge sheet has not filed by CBI, though the agency found that Roy had stolen more than Rs.40 crores from the bank loan to build a big home in South Africa. CBI in August 2019 filed another FIR against Mr. & Mrs. Roy along with Vikram Chandra for floating more than 32 shell companies across the Globe to swindle more than Rs.1000 crores. PGurus published a detailed article on the stats of cases against Prannoy Roy[5].
References:
[1] Income Tax fines Prannoy Roy & wife for Rs. 30 crores each for hushing up income in 2010-2011 – Nov 21, 2017, PGurus.com
[2] Income Tax exposes the lies of Prannoy Roy in Money Laundering, Stock Exchange manipulations – Part 2 – Nov 21, 2017, PGurus.com
[3] 12 Questions for Prannoy Roy and friends – June 13, 2017, PGurus.com
[4] What is wrong with Sleeping SEBI? When is SEBI going to wake up from its slumber? – Dec 14, 2018, YouTube
[5] Why is the CBI not filing charge sheets against NDTV’s Prannoy Roy for more than three years? – Oct 5, 2020, PGurus.com
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[…] NDTV’s Prannoy Roy and wife Radhika caught for insider trading by SEBI. Rs.16.97 crores fine impos… […]
This insider trading thing is a minor offence compared to the money laundering done by the Roys in the guise of foreign investment from GE. The Roys engaged two of the most sinister firms to clean up the trail – first PwC and then Deloitte (BMR). The real deal will be when the authorities put the Roys in Tihar for this and Pronnoy anchors a show from the jail cell.
I guess the Leftist Press will now scream ” Murder of Democracy, attack on the Freedom of the Press” .
It’s just a one sided story. As long as ndtv is not becoming a lap-dog like others, it would continue to face such drawbacks. I strongly condemn if Roys are guilty, but why do they name Ndtv repeatedly? That shows their intentions quite clear.
Because randi TV has a history of being anti India, anti Hindunsmd pro pak. It’s a disgusting leftist oriented channel
Prannoy JAMES Roy,Radhika Roy, Srinivasan Jain,Vikram Chandra are crooks……. NDTV anchor NIDHI RAZDAN is in USA joined as a faculty in Harvard or Howard University!!!!
In a lighter vein, the Indian investigating agencies should have delayed another four years so that Prannoy JAMES Roy,Radhika Roy, Srinivasan Jain,Vikram Chandra …their ilk too would have joined as faculties in some foreign universities!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
God only knows Why big people of public image do these kind of things. They are not poor , have money for generations
A commoner has only one body, namely, his/her own physical body, whereby he/she could summarily be done for, for good, in whatever way he/she would be knocked around.
In stark contrast, a goon/tycoon/bigwig/honcho has his/her physical body deeply embalmed in ‘never-ending’ layers of virtual bodies, namely, intermediaries/agents/resources, whereby he/she would never ever succumb, in whatever way he/she could be poked around.
So, in effect, everyone including the commoner makes merry and hay all along, as well as a mockery of one locking horns with another. Every biggie puts up virtual bodies while offering the commoner the ‘privilege’ of watching a conditioned and condimented carousel of engagements between bigshots: for example, executive &/or judicial bodies chasing charged &/or indicted entities around and amidst the pandemonium stirred up by MSM &/or social media.
Characteristically, every time such a VIP is cornered, he/she rises from his/her own ashes like a phoenix, emerges unscathed and escapes unhurt. Actually, one of his/her virtual bodies replaces another whenever he/she is encountered. The really single, vulnerable though securely ensheathed physical body ultimately dies on its own, of age, in disease or by accident. But, by that time, it has already multiplied through its physical progeny who then eulogize its glory and carry on its ‘legacy’.
As for the commoner, his/her offspring get all set for continued entertainment with the same, similar or some other celeb’s inculpation rigmarole.
it’s all about Revange. Government and NDTV fight is very old…
Pranab Roy,Srinivasan Jain,Vikram Chandra all these who pose themselves sacrosanct in front of public in TV and take immense pleasure in posing ackward questions to politicians especially those they dislike should be made answerable…Will they dare giving interviews in other channels….
Mujhe to lagta hai ki..Sarkar trap ker rahi hai..
[…] खबर को अंग्रेजी में यहाँ […]
SEBI themselves are a big cheater long long time. They looted my money like anything between 1982 and 1988. I lost NRE category share of INR 300,000 in 1982-83 [when Re -USD exchange was only 3-4] means they looted my USD 100,000 through my shares allotment, and company disappeared or changed the name and siphoned the hard currency. Every body – in higher political circles were involved- including- Chief Minister, Governors, Ex Governors, Influential Ministers of States and Center. I still suffer from that loss today. This Bengali Bastard Pranoy Roy should be hanged on his balls in Public. That son of a bitch has family connection with CPM party member Brinda Karat, and loot took place when CPM CM Jyoti Pashu was ruling and looting Foreign Exchange for his annual Sex Trips to London. He even killed 45,000 Hindu refugees in West Bengal by throwing them on an Island called “Marich Japi” in south 24 Pargana Dist- next to Sunder ban. He fed the corps to crocodiles and Bengal Tigers. Pranay Roy’s NDTV must be blocked from transmitting now.
I wonder if this news was on NDTV prime time?
INSIDER TRADING is tantamount to leaking the Questions of a Major Examination to benefit a few.
INSIDER TRADING is also equivalent to what Robert Vadra did – purchasing hectares of land at low rates – knowing well in advance those lands are going to be declared NA or Industrial Zones
The above two crimes invariably bring with them Rigorous Imprisonment when proved.
Why then the Roys were let off with few crores of fines???!!!
What was the parameter used to decide the amount of Fine?
CBI should follow up & register a criminal complaint against the Roys – since the intention was obviously CHEATING.
Both Prannoy Roy and Radhika Roy should thank their Stars and those who Shield them and Give Protection from outright arrest for Cheating India. What happened to Sahara Parivar Roy did not happen. Do their friends, Cut the Clutter -Shekhar Gupta and the Indian Patriot, Srinivasan Jain have any comments or guts to ask for an interview chat with their pal, Dr. Prannoy and Radhika Roys?