The regulator has also ordered finfluencer Hemant Gupta and his sons, Rohan Gupta and Aniket Gupta, to immediately stop offering unregistered research analyst services or presenting themselves as research analysts.
SEBI said four other family members, Sharon Gupta, Leana Gupta, Rajani Gupta and Purvangi Gupta, allegedly supported the operation by allowing their trading accounts to be used or by carrying out trades based on instructions from the main operators.
The regulator noted that the accused used social media platforms to influence retail investors with misleading stock recommendations. SEBI Whole Time Member Kamlesh C Varshney said the ongoing investigation had prima facie revealed a carefully planned scheme in which investors were lured into buying stocks through unsolicited recommendations circulated online, allowing the operators to offload their holdings at inflated prices.
According to the order, the alleged scheme covered 82 stocks during the investigation period between December 1, 2023, and January 20, 2026.
SEBI further stated that Rohan Gupta and Aniket Gupta regularly posted bullish stock views through their X accounts, ‘@WealthSolitaire’ and ‘@desiwallstreet’. Meanwhile, Hemant Gupta allegedly amplified these recommendations across WhatsApp and Telegram groups, often sharing target prices while avoiding posting such details publicly on X to escape regulatory attention.
The market regulator also observed a sharp rise in trading activity linked to the seven individuals. Their combined gross traded value reportedly jumped 86 per cent from Rs 548 crore in the pre-investigation period to Rs 1023 crore during the period under scrutiny.
In addition, their total squared-off profits surged 242 per cent to Rs 58.40 crore. SEBI said Rohan Gupta and Sharon Gupta emerged as the biggest beneficiaries, together earning profits of Rs 50.03 crore.
The watchdog alleged that the Gupta family collectively made wrongful gains exceeding Rs 20.25 crore at the expense of retail investors who acted on stock tips circulated through social media channels.
SEBI also pointed out that Hemant, Rohan and Aniket Gupta were not registered research analysts, despite allegedly offering stock-related advice and analysis services to a large number of followers and subscribers.
As part of its interim directions, the regulator has impounded alleged unlawful gains of more than Rs 20.25 crore and restrained all seven individuals from buying, selling or dealing in securities, directly or indirectly,
