Markets regulator Sebi has confirmed earlier directions passed against former CNBC Awaaz anchor Hemant Ghai, his wife and mother, that barred them from the capital markets for indulging in fraudulent trading practices.

In an order passed late on Thursday, Sebi said the findings within the order are “prima facie” which an in depth investigation within the matter is ongoing .

In its interim order passed in January, Sebi had noted that Hemant Ghai had advance information about the recommendations to be made on the ”Stock 20-20” show, co-hosted by him, and he directly or indirectly used it to his advantage.

The show featured recommendations on certain stocks to be bought and sold during the day.

His wife Jaya Hemant Ghai and mother Shyam Mohini Ghai had undertaken an outsized number of buy-today-sell-tomorrow (BTST) trades during January 2019-May 2020, in synchronization with the recommendations made within the show, Sebi observed.

They generated the proceeds of Rs 2,95,18,680 by completing fraudulent trading in respect of recommended stocks.

The individuals were restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever till further directions.

Besides, Hemant had been directed to cease and desist from undertaking any activity associated with giving investment advice or publishing of research reports associated with the stock exchange , till further directions.

In addition, the capital markets watchdog had directed within the interim order to impound the proceeds of Rs 2.95 crore generated by fraudulent trades.

Their conduct was in violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.

“The clear findings within the interim order dated January 13, 2021, that Mr. Hemant Ghai, Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai have clear indulged in unfair trade practice and have clear employed a racket to execute the impugned trades, leading to the clear contravention of the provisions of Section 12A (b) of SEBI Act and …. of PFUTP Regulations, stand confirmed,” Sebi said.

Considering their submissions, Sebi said that the submissions /explanations “cannot be accepted.”

Thursday’s order came as Sebi considered if the directions issued against the individuals through the interim order got to be confirmed, revoked or modified during the pendency of investigation within the matter, in light of the findings of the interim order and therefore the individuals’ submission.