Market regulator, Securities and Exchange Board of India (SEBI) and has sent a demand notice to Pradeep Baijnath Pandya, who was anchoring stock market shows on a television channel, and seven other entities for failing to pay Rs 2.83 Crore fines that have been imposed in connection with fraudulent trading activities.

Apart from Pandya, Toshee Trade, Mahan Investment, Manish Vasanji Furiya (HUF), Manish Vasanji Furiya, Alpa Alpesh Furiya, Alpesh Vasanji Furiya (HUF) and Alpesh Vasanji Furiya were also sent notices to pay the fines.

The demand notices came after these entities failed to pay the penalties imposed on them by the SEBI in June last year.

The markets regulator warned that assets, including bank accounts of Pandya and other entities, will be attached if they failed to make the payment within 15 days of the notices issued on February 7.

In seven separate demand notices, SEBI has directed these entities to pay Rs 2.83 crore, including interest and recovery costs within 15 days.

In June last year, SEBI had barred Pandya and seven other entities from the securities market for five years and imposed a fine of Rs 2.6 Crore collectively for indulging in fraudulent trading activities.

Pandya was the host and co-host of various shows at CNBC Awaaz till August 2021, while Alpesh Furiya appeared on the television channel as a guest and external expert and gave stock recommendations on his X handle.

A high correlation was noted between the stock recommendations given by Pradeep Pandya on the show 'Pandya Ka Funda' and the buy-today-sell-tomorrow trades and intra-day trades executed by Alpesh Furiya and connected entities during the period from November 2019 to January 2021.

Alpesh Furiya, capitalised on this privileged information, executed trades through his own accounts and those of related entities, positioning himself to profit before the recommendations were publicly aired, it added.