The Securities and Exchange Board of India (Sebi) on Friday debarred seven individuals from the securities market for alleged fraudulent trading in 82 scrips through stock recommendations given on social media platforms. According to reports from The Hindu BusinessLine, ET Now, and The Economic Times, the regulator has also directed the impounding of ₹20.25 crore of wrongful gains in this case. The scheme operated across 82 stocks between December 2023 and January 2026 and generated prima facie wrongful gains of ₹20.25 crore. Sebi has restrained all seven noticees from buying, selling or dealing in securities, directly or indirectly, until further orders. The investigation reportedly covers trading activity in 82 stocks during the examination period, while evidence has been gathered for all the scrips, with SEBI highlighting six detailed instances in its interim order.
As reported by The Hindu BusinessLine, ET Now, and The Economic Times, three of the seven individuals — Hemant Gupta, Rohan Gupta and Aniket Gupta — were content creators operating X accounts, WhatsApp groups and Telegram channels. These content creators also handled the trading accounts of the other four individuals, who were profit-makers or beneficiaries. The family members involved were Hemant Gupta, Rohan Gupta, Aniket Gupta, Sharon Gupta, Leana Gupta, Rajani Gupta and Purvangi Gupta. The order said the X accounts @WealthSolitaire and @desiwallstreet, operated by Rohan Gupta and Aniket Gupta respectively, had around 13,600 and 40,500 followers respectively. The family also allegedly operated several WhatsApp and Telegram groups with thousands of members and subscribers. According to The Economic Times, certain accounts on X were allegedly being used to influence retail investors toward small and medium enterprise (SME) stocks, with stock tips and recommendations widely circulated through social media channels to attract investor interest in select stocks.
According to the 234-page interim order from Sebi, the individuals provided stock recommendations on social media and profited in 82 scrips during the examination period. As reported by The Economic Times, the accused allegedly employed a classic pump-and-dump strategy where shares were first accumulated at relatively lower prices, after which bullish messages, aggressive earnings projections and promises of outsized returns were circulated across large public groups on Telegram, WhatsApp and X. Once buying momentum pushed up stock prices and volumes, the connected entities allegedly sold shares into the rally and booked profits. One key example involves SME-listed Afcom Holdings, where social media influencer Aniket Gupta used his X handle @desiwallstreet and multiple Telegram channels to spread highly optimistic commentary around the company's earnings prospects. Messages circulated on July 28, 2025 claimed the stock was headed for 'another blockbuster earnings' and 'a new all-time high', while also promising assured returns. The regulator's examination showed that members of the Gupta family sold substantial quantities of Afcom shares during the same period, with 14,160 shares worth around ₹1.47 crore sold on July 29 alone. Trading records examined by Sebi showed that the accused entities cumulatively sold 36,480 shares worth ₹3.77 crore at an average selling price of ₹1,034 per share — more than double their acquisition cost.
As noted by Kamlesh Chandra Varshney, whole-time member, Sebi, in the order reported by The Hindu BusinessLine, the wrongful gains made by these individuals come directly or indirectly from the pockets of innocent investors who follow the advice posted on X Accounts and social media platforms. The regulator emphasized that steps must be taken to intervene and stop further damage to the securities market when such fraudulent schemes are noticed. The final figure on wrongful gains may change following wider investigations by Sebi. SEBI carried out search and seizure operations at the noticees' premises from January 21 to 24, 2026 after obtaining court approval, seizing electronic devices, chat records and trading data during the probe. The examination period was between December 1, 2023 and January 20, 2026. As reported by The Economic Times, the regulator observed that the recommendations often contained language implying assured returns and unrealistic price targets, despite the entities themselves exiting their positions at the same time. The regulator believes such conduct may have misled investors and violated provisions relating to fraudulent and unfair trade practices in the securities market.
