New Delhi, Dec. 9 -- The Securities and Exchange Board of India (Sebi) has closed its case against Hemant Ghai, a former TV host for CNBC Awaz, following a Rs.1.45-crore settlement.

The settlement comes after a Sebi investigation found a high correlation between Ghai's recommendations on the show 'Stock 20-20' and trades executed by certain entities between 1 January 2018 and 13 January 2021.

The regulator issued Ghai a show-cause notice on 24 February 2025, alleging he had communicated material non-public information about upcoming recommendations to certain entities, who shared it further and traded on it, making unlawful gains. He was asked to explain why he should not face penalties including debarment, disgorgement and fines under ...