Last Updated:June 18, 2025, 08:12 IST
Investigations by Sebi revealed that Bhasin would strategically take buy positions in trading accounts before his media apperances.
Sanjiv Bhasin banned from markets by SEBI over stock manipulation.
Who Is Sanjiv Bhasin? On Tuesday, Sebi issued a ban on Sanjiv Bhasin, a former IIFL Securities director, along with 11 others, from participating in the securities markets due to their involvement in share manipulation. This case is related to stock recommendations made through media channels and social media platforms. Sebi also ordered them to return unlawfully earned profits amounting to Rs 11.37 crore.
In a detailed 149-page interim order, Sebi highlighted Bhasin’s prominence as a media guest expert with a substantial social media following. During his tenure with IIFL as a director or consultant, Bhasin offered stock recommendations through various platforms, including media channels, Telegram, and IIFL’s own platforms.
Investigations by Sebi revealed that Bhasin would strategically take buy positions in trading accounts of Gemini Portfolios, Venus Portfolios, and HB Stock Holdings Ltd through RRB Master Securities Delhi Ltd dealers before making media appearances. These recommendations significantly influenced the price and trading volume of the stocks.
Exploiting his influence, Bhasin would then execute opposite trades (sell orders) in the same accounts, contradicting his public buy recommendations to profit from the price surge.
- Bhasin’s IIFL tenure spanned multiple roles since
- He served as a Director from April 1, 2017, to November 30, 2022, and later as a Consultant from December 1, 2022, to June 17, 2024.
A Sebi-led search and seizure operation on June 13-14, 2024, across several NCR locations unearthed crucial evidence, including WhatsApp chats and audio recordings. These unveiled Bhasin’s fraudulent method of creating contrary positions to his own recommendations via BTST (Buy Today Sell Tomorrow) or intraday trades.
Further investigations revealed that Sanjiv Bhasin’s cousin, Lalit Bhasin, assisted in the fraudulent trades. Additionally, Ashish Kapur, Managing Director of RRB Master Securities Ltd, provided the necessary infrastructure to support the scheme.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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