Sebi settles case against TV market expert Hemant Ghai for ₹1.45 crore

Mumbai, Dec 9, 2025

A show-cause notice issued in February had accused him of violating provisions of the Sebi Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations

The Securities and Exchange Board of India (Sebi) has settled proceedings against television market commentator Hemant Ghai after he agreed to pay Rs 1.45 crore to resolve allegations that he shared advance information on stock recommendations aired on his CNBC Awaaz show Stock 20-20. The settlement closes a multi-year investigation into suspected front-running by entities connected to him.

The regulator had earlier observed a “high correlation” between Ghai’s on-air recommendations — from January 2018 to January 2021 — and trades executed by certain individuals ahead of the broadcasts.

According to the regulator, these trades generated unlawful gains based on material non-public information allegedly communicated by Ghai before the shows were aired.

A show-cause notice issued in February had accused him of violating provisions of the Sebi Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

While proceedings were ongoing, Ghai sought a settlement without admitting or denying the findings. After discussions with Sebi’s Internal Committee, the regulator proposed a settlement amount of Rs 1.45 crore, which was later endorsed by the High Powered Advisory Committee in August.

With the payment, Sebi has disposed of the proceedings initiated through the February show-cause notice. However, the regulator has clarified that the order does not preclude future action if representations made during settlement are later found false or if any undertakings are breached.

[The Business Standard]