SEBI takes action against 'Bull Run' name Telegram channel for stock recommendations, issues show-cause notice to 6 people

Stock Recommendations Scam: The Securities Exchange Board of India (SEBI) has cracked down on the channel running 'Bull Run' on the social media platform Telegram. SEBI has passed orders on 6 people running this channel. 

According to SEBI's investigation, those who run bull run on this telegram first used to buy shares themselves, then put them in the group and wait for the price to rise and they used to sell these shares as soon as the price increased. By doing this these 6 people have earned an illegal profit of Rs 2.84 crore.

These people are not registered with SEBI

Recently, SEBI conducted a search operation on the people of this group in Mehsana and Ahmedabad in Gujarat. SEBI found in its investigation that the people running this group do not even have SEBI registration. According to SEBI, these people have made illegal profits of Rs 2.84 crore in 10 months.

SEBI took action
SEBI has taken action against the people running the Telegram channel named Bull Run and they have been thrown out of the stock market. However, SEBI said that this entire amount will be recovered from these people.

According to SEBI, now these 6 people will neither be able to buy nor sell directly or indirectly in the market till further orders. According to SEBI, these people have violated the rules of SEBI.

What did this channel do?

SEBI has issued a 37-page order against this channel. It has been told that earlier these companies used to buy shares of smallcap companies in huge quantities and give wrong information to people to invest money in it. After this, after increasing the price of these shares, they used to sell them.