Sebi said data, emails and other documents are being retrieved from the seized devices and detailed investigation is in progress. In addition, Telegram's architecture limits the ability to slow the spread of false information: the lack of a central public feed, and the fact that comments are easily disabled in channels, reduce the space for public pushback. The regulator said it had received information that messages containing stock tips and other investment advice with respect to selected listed companies are being widely circulated through websites and social media platforms such as Telegram, Facebook, WhatsApp and Instagram. "The argument from Telegram is, 'You should trust us because we tell you that we're trustworthy,'" Maréchal said. "It's really in the eye of the beholder whether that's something you want to buy into." And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30.
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