Mumbai, May 22 -- Securities and Exchange Board of India on Friday issued a landmark interim order banning multiple unregistered "finfluencers" and entities from the stock market for running a "pump-and-dump" manipulation racket on social media.

According to the SEBI order, the operators bought small/mid-cap stocks, artificially inflated prices by sharing unsubstantiated bullish tips to followers, and then dumped their shares at a massive profit, leaving retail investors with heavy losses.

The action followed unauthorised and misleading market recommendations broadcast on prominent social media platforms.

As part of efforts to protect retail investors, the market regulator has restrained the entities and individuals involved from acces...