9 hours ago
From stock tips to astro tips! Sanjiv Bhasin turned astrologer before Sebi ban
Bhasin allegedly would buy stocks in advance, then plug them on national television and Telegram groups, leading to a spike in prices.
Synopsis Sanjiv Bhasin, once a prominent stock market voice, turned to astrology on social media just months before SEBI barred him in a stock manipulation case. The regulator has accused Bhasin of front-running trades and misleading investors, ordering disgorgement of Rs 11.37 crore in alleged gains. In a bizarre turn of events, Sanjiv Bhasin, once a high-profile face of IIFL Securities and a household name among stock tip enthusiasts, had started dishing out astrology-based life advice on social media — just months before the Securities and Exchange Board of India (SEBI) barred him in a high-stakes pump-and-dump case.
ADVERTISEMENT SEBI's ex-parte interim order, issued Tuesday, accuses Bhasin and 11 others of manipulating stock prices by front-running — buying shares ahead of his televised recommendations and selling them at a profit once the retail herd piled in. The regulator has ordered the disgorgement of Rs 11.37 crore in alleged ill-got gains.
But before the crackdown came the cosmic twist.
After SEBI conducted search and seizure operations at multiple locations linked to Bhasin in the National Capital Region on June 13–14, 2024, he quietly exited IIFL. Then came the reinvention: Bhasin resurfaced on social media not as a market veteran, but as a self-styled astrologer.'Mars to enter Leo tomorrow after almost 9 months, could be the big change you were looking forward to,' reads one of his more recent posts on X, where he commands a follower base of over 322,000. His X account is now labelled with titles like 'Market Guru, Mundane Astrology, Fate & Freewill, Sense & Sensibility.' Bhasin offers consultations on relationships, careers, and investments through the lens of planetary alignments.
ADVERTISEMENT He even ventured into geopolitical clairvoyance, predicting civil unrest and splits in Pakistan by end-May based on its national horoscope. The forecast, obviously, didn't come Read | Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation
ADVERTISEMENT Back in the real world, SEBI's investigation paints a damning picture. The regulator uncovered WhatsApp chats and audio files that allegedly reveal Bhasin's modus operandi: he would buy stocks in advance, then plug them on national television and Telegram groups, leading to a spike in prices. Once retail investors jumped in, Bhasin would quickly exit, booking profits in a classic "buy today, sell tomorrow" strategy.'These trades prima facie show that Sanjiv Bhasin was not genuine about his recommendations,' SEBI said in the order. 'Investors would have invested their hard-earned money believing the advice to be research-backed, only to be deceived.'
ADVERTISEMENT In perhaps its strongest rebuke in recent times, the regulator said, 'SEBI cannot remain a mute spectator when fraudulent and manipulative activities take place in the securities market by personalities who are actually revered… and have a huge following on social media platforms.'For now, the man who once moved stocks with his TV picks is watching Mars, not midcaps. But with SEBI's eye firmly trained on influencer-led manipulation, it's clear that no amount of astrological deflection will soften the consequences.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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