Great Scam!Mathew Easow told not to recommend on any investments

SEBI has directed Mr Mathew Easow, Chairman of Mathew Easow Research Securities Ltd, to "cease and desist" from recommending any investment in public media which amounts to violation of a key regulation embodied in SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.
He is regarded as ‘Pro’ as many of his daily recommendations at a paid service of vastly popular “Business TV- Web site combine” were instant hit. Normally his recommended stocks would touch circuit filter next day. It seems ( According to SEBI) after creating good will, he used the gullible investors to offload his positions.
SEBI had as part of an ongoing initiative examined recommendations given by the analyst. These, when compared with the trading pattern of his associate companies (Mathew Easow Research Securities Ltd and Mathew Easow Fiscal Services Ltd) clearly indicated that he "took an opposite trading position" in a few stocks.
The stocks are: Kalpana Industries, CESC, Ahlcon Parenterals and Albert David. Mr Easow started selling after giving an opposite advice to the market. "This indicates an obvious attempt to mislead the investors through investment recommendations, in a striking posture of ambivalence coupled with interest", the order has mentioned.
With CESC, for instance, recommendations were made in mid September (giving the target price of around Rs 300 in three months). The stock rose to Rs 241.20 on the date of recommendation (September 14) as compared to the previous close price of Rs 239.05.
He sold 3,300 shares on the day of his recommendation. "Interestingly, he was also carrying short position of 4400 shares in futures and options segment prior to his recommendations which, he covered on September 28, 2005, at a lower price," SEBI has mentioned.


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