Securities and Exchange Board of India (Sebi) on Friday issued an interim order banning multiple unregistered "finfluencers" and entities from the stock market for running a "pump-and-dump" manipulation racket on social media.
According to the Sebi order, the operators bought small/mid-cap stocks, artificially inflated prices by sharing unsubstantiated bullish tips to followers, and then dumped their shares at a massive profit, leaving retail investors with heavy losses.
