Supreme Court Defreezes Accounts Of Trader Involved In CNBC Awaaz 'Pandya Ka Funda' Market Manipulation Case
Kirit Singhania
29 May 2026 1:29 PM IST
The Supreme Court on Friday ordered the defreezing of the bank accounts of trader Alpesh Vasanji Furiya, who is accused by SEBI of trading on advance knowledge of stock recommendations aired by CNBC Awaaz anchor Pradeep Pandya on the programme 'Pandya Ka Funda'.
The Court passed the order after noting that ₹8.39 crore had already been deposited towards the disgorgement amount.
The Court also directed that the amount lying in an escrow account shall continue. It issued notice on Furiya's appeal challenging a Securities Appellate Tribunal (SAT) judgment and a subsequent review order.
A Bench of Justices P.S. Narasimha and Alok Aradhe took note of the amount already deposited by Furiya. It directed that his accounts shall not remain frozen during the pendency of the appeal.
The Court ordered,
"Pending disposal of the Civil Appeal, the petitioner's account shall not be frozen. An amount of Rs. 8.39 crore is already in the account of SEBI. The amount deposited in the escrow account shall continue."
Appearing for Furiya, counsel argued that disgorgement could extend only to unlawful gains. He submitted that SAT had failed to consider that approximately ₹2.79 crore had already been paid as income tax on the alleged gains.
According to the appellant, the tax component ought to be excluded while computing the disgorgement amount. The counsel further submitted that more than ₹8.39 crore had already been deposited. Therefore, there was no justification for continuing the freezing of accounts.
Opposing the plea, counsel for SEBI argued that the matter involved market manipulation supported by extensive WhatsApp communications between Furiya and Pandya.
The regulator submitted that the messages showed advance coordination regarding stock recommendations that were later aired on CNBC Awaaz. It further contended that SAT had accepted the authenticity of the electronic evidence relied upon in the proceedings.
SEBI also submitted that only a limited component of the disgorgement amount had been remitted for reconsideration. According to the regulator, substantial sums remained secured, including monies lying in escrow.
Background
The case arose from proceedings initiated by SEBI against Furiya, his connected entities and an associate over allegations that they traded on advance knowledge of stock recommendations aired on CNBC Awaaz's programme "Pandya Ka Funda".
SEBI alleged that between November 2019 and January 2021, Furiya received advance information regarding stocks that were to be recommended on air and executed trades ahead of the broadcasts, generating unlawful gains of approximately ₹10.73 crore.
On June 11, 2024, SEBI imposed a penalty of ₹1 crore on Furiya, ₹10 lakh each on certain connected entities, directed disgorgement of ₹10.73 crore and barred the noticees from accessing the securities market for five years.
Furiya and his entities challenged these findings, saying their trades were driven by Furiya's own technical analysis and reading of market news. According to them, movements in price and trading volume triggered the trades, and not any communication with a television anchor.
Rejecting this defense, the tribunal on January 29, 2026 noted the frequency of contact between Furiya and Pandya during the broadcast period and the timing of the trades. The bench observed that “their trades are evidenced by the electronic records of the stock exchange”.
While sustaining the findings of fraudulent trading, penalties and market ban, the Tribunal upheld disgorgement of ₹7.56 crore, remitted the issue relating to ₹3.16 crore for fresh computation by SEBI and imposed costs of ₹25 lakh on Furiya.