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SEBI showed evidence, alleging Bhasin directed dealers on what and when to buy and sell, shortly before appearing on TV to issue bullish calls. (Photo: Wikimedia Commons)

SEBI bans Sanjiv Bhasin, 11 others over stock tips and front-running trades; ₹11.37 crore gains impounded

| @indiablooms | Jun 18, 2025, at 08:37 pm

Mumbai: The Securities and Exchange Board of India (SEBI) has barred former IIFL Securities director Sanjiv Bhasin and 11 others from accessing the securities market, accusing them of front-running trades before recommending stocks on television and social media platforms, Mint reported.

The regulator has also ordered the impounding of ₹11.37 crore in alleged ill-gotten gains from the 12 individuals.

According to SEBI’s ex-parte interim order issued Tuesday, Bhasin used trading accounts linked to entities such as Venus Portfolios, Gemini Portfolios, and HB Stockholdings to buy stocks moments before recommending them on business channels like CNBC Awaaz, Zee Business, ET Now, and IIFL’s Telegram channel.

SEBI alleged the trades were part of a coordinated strategy to profit by manipulating market prices.

“Once prices of securities increased after his recommendations, Sanjiv Bhasin used to sell the securities, thereby making a profit,” said SEBI whole-time member Kamlesh Varshney in the 149-page order. “Accordingly, he manipulated the price of securities and made ill-gotten gains.”

SEBI cited evidence, including phone transcripts and WhatsApp messages showing Bhasin directing dealers on what and when to buy and sell—often minutes before appearing on TV to issue bullish calls.

The regulator found that he frequently sold the same stocks shortly after recommending them to retail investors.

For instance, on February 7, Bhasin reportedly called Parag Milk Foods his “special stock pick” on air, advising a buy at ₹210–220 with a 31-day target of ₹300.

SEBI found he had already bought 51,500 shares via HB Stockholdings and offloaded them the same day at ₹235.45, netting a profit of ₹8.4 lakh.

SEBI also pointed out that while IIFL Securities is a registered research analyst and investment adviser, Bhasin was not individually registered under either category.

All 12 noticees have been restrained from buying, selling or dealing in securities, directly or indirectly, pending further orders.

They have been given 21 days to respond and request a personal hearing.

“Investors would have invested their hard-earned money on his recommendation... only to be deceived by such manipulative advice wherein the advisor himself is squaring off all his positions to make huge gains at the cost of their investments,” the order said.

IIFL Securities clarified that Bhasin was a contractual consultant, not a board member or affiliate.

“His term was to end on June 30, 2024. However, due to health reasons, Bhasin’s contract has been discontinued prematurely with effect from June 17,” a company spokesperson said, adding that it was not aware of the full details of the SEBI order.

Legal experts said Bhasin may challenge SEBI’s findings before the Securities Appellate Tribunal (SAT), possibly disputing any causal link between his trades and on-air recommendations, or denying control over the trading entities.

Although no action has been taken against the television channels involved, Mehta noted that SEBI’s direction could raise accountability standards for platforms, noted experts.

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