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In this regard, Sebi collaborated with the Telecom Regulatory Authority of India (TRAI) to reduce the vulnerability of the securities market to manipulation through misuse of mass communication medium like bulk SMS. At this point, however, Durov had already been working on Telegram with his brother, and further planned a mobile-first social network with an explicit focus on anti-censorship. Later in April, he told TechCrunch that he had left Russia and had “no plans to go back,” saying that the nation was currently “incompatible with internet business at the moment.” He added later that he was looking for a country that matched his libertarian ideals to base his next startup. Oleksandra Matviichuk, a Kyiv-based lawyer and head of the Center for Civil Liberties, called Durov’s position "very weak," and urged concrete improvements. Following this, Sebi, in an order passed in January 2022, established that the administrators of a Telegram channel having a large subscriber base enticed the subscribers to act upon recommendations that were circulated by those administrators on the channel, leading to significant price and volume impact in various scrips. Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields.
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