November
19, 2009
PR No. 356/2009
Cease and desist order against Dr. Nalamothu Venkata Krishna
Dr. K.M. Abraham, Whole Time Member, SEBI has passed a cease and desist order dated November 18, 2009 against Dr. Nalamothu Venkata Krishna for solicitation of insider information on his blog "stockmarketguide.in".
SEBI had noticed an online offer made by Dr. Nalamothu Venkata Krishna in his blog "stockmarketguide.in" soliciting unpublished price sensitive insider information like those relating to stake sale, mergers, acquisitions or any significant news or events from the people who have access to insider information and promised to reward the person who parted with such insider information by sharing profits with them.
Such a solicitation of insider information was observed to be in violation of SEBI (Prohibition of Insider Trading) Regulations, 1992.
Dr. Krishna is directed to cease and desist from issuing or continuing to issue online offer soliciting unpublished price sensitive information, communicating directly or indirectly any inside information received, trading directly or indirectly on the basis of inside information received and recommending or counseling trading in scrips for which inside information is received.
Investors are also cautioned not to avail of the online offers made by Dr. Krishna in this regard, or any similar proposals contained in advertisements, in print or electronic media.
The order shall come into force with immediate effect.
Mumbai
November 19, 2009
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