SEBI finds ₹33.99 lakh paid to Google AdSense for promoting false DFL videos

This order details SEBI's investigation into alleged market manipulation of Decillion Finance Limited (DFL) shares, where specific individuals and entities were found to have uploaded false and misleading YouTube videos to artificially inflate the stock price and volume.

Who it concerns: Decillion Finance Limited (Company); Noticees 1-23 including Abhay Dwivedi, Anshu Mishra, Manish Mishra, Ankur Sharma, Vivek Chauhan, Dipak Dwiwedi, Neetu Dwivedi, Vertika Singh, Sandip Kumar, Neha Mangla, Pallavi, Amrit Pal Singh, Harish Kumar, Dayanand Verma, Jatin Manubhai Shah, Aahuti Rasik Mistry, Heli Jatin Shah, Srivani Merchants Pvt Ltd., Gangadhar Dealers Pvt Ltd., Torner Tie Up Pvt Ltd., Latangi Vyapaar Pvt Ltd., Sri Salasar Suppliers Pvt. Ltd., and Gaurav Jaiswal.

What SEBI found or ordered

• SEBI found that Noticees 1 and 2 uploaded two YouTube videos on January 1 and 14, 2023, containing false claims about DFL's business, joint ventures, and price targets (Rs 500 and Rs 2,000).
• SEBI observed that DFL confirmed the information in the videos was false, misleading, and unauthorized.
• SEBI identified a 'Manish Mishra group' of related entities that traded in DFL shares during the investigation period (Oct 20, 2022 to Feb 14, 2023).
• SEBI noted that the group contributed significantly to buy and sell volumes, with some entities selling shares to the group.
• SEBI found that the misleading videos attracted new investors and impacted the price and volume of DFL shares.
• SEBI initiated adjudication proceedings under Section 15-I of the SEBI Act for violations of PFUTP Regulations and SAST Regulations.

Also in the document

• The investigation period covered a significant price rise from Rs 22.55 to Rs 95.10, followed by a fall to Rs 61.25.
• SEBI noted that the YouTube channel 'Stock Yatra' was created on January 1, 2023, the same day the first video was uploaded.
• SEBI found that Noticee 3 paid Rs 33,99,996 to Google AdSense for promoting the videos.
• SEBI identified that the upload IP addresses for the videos were linked to mobile numbers belonging to Noticee 1 and Noticee 2.