Latest news with #SanjivBhasin
Indian Express
4 hours ago
- Business
- Indian Express
SEBI restrains former IIFL director Sanjiv Bhasin from markets for stock manipulation
The Securities Exchange Board of India (SEBI) on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities Ltd (IIFL) and 10 other entities from the securities market for alleged stock manipulation by providing recommendations on news channels and social media platforms. In the interim order, the regulator also directed to impound a total amount of Rs 11.37 crore gained by these entities through unlawful activities. Others who have been restrained from markets include Lalit Bhasin, cousin of Sanjiv Bhasin, Ashish Kapur, Rajiv Kapoor, Jagat Singh, Praveen Gupta, Venus Portfolios Private Ltd, Gemini Portfolios Pvt Ltd, HB Stockholdings Ltd, Leo Portfolios Pvt Ltd and Babita Gupta. 'Sanjiv Bhasin, a (former) director at IIFL Securities Ltd, traded through a broker viz. RRB Master Securities Delhi Limited wherein he used to first buy securities himself, then used to recommend the same securities to the public on news channels like 'Zee Business' and 'ET Now', and/or IIFL Telegram channel, to buy the same securities,' SEBI said in the interim order. Once prices of securities increased after his recommendations, Bhasin used to sell the securities, thereby making a profit. Accordingly, Sanjiv Bhasin manipulated the price of securities and made ill-gotten gains, the order stated. Sanjiv Bhasin was employed with IIFL from April 1, 2017 to November 30, 2022 as 'Director' of IIFL. Subsequently, from December 1, 2022 to June 17, 2024, he was once again associated with IIFL as a consultant wherein, he used to give trading/investment views on stocks, which used to be circulated/broadcasted to all clients of IIFL. When contacted, IIFL Securities said that Sanjiv Bhasin was associated with the company as a consultant on contractual basis. His term was to end on June 30, 2024. However, due to health reasons, his contract has been discontinued prematurely with effect from June 17, 2024. 'Sanjiv Bhasin informed us about SEBI's enquiry but the details of the same was not disclosed to us,' IIFL said, adding that he was not a member of the board of directors of IIFL Securities Ltd or any other group company or affiliates. SEBI's investigation revealed that, prior to his appearances on media channels, Sanjiv Bhasin would take positions—primarily buy orders—in the trading accounts of Gemini Portfolios Ltd, Venus Portfolios Ltd, and HB Stock Holdings Ltd, through dealers of the trading member RRB Master Securities Ltd., Delhi. Given the significant viewership of these channels, his stock recommendations had a considerable impact on the price and volume of the recommended scrips. Capitalizing on this influence, Bhasin would then execute opposite trades (sell orders) in the same accounts—contrary to his public buy recommendations—to profit from the surge in prices of the recommended scrips. The order said the investigation, which was conducted from January 01, 2020 to June 12, 2024, revealed that several other connected entities misused the trade orders related to confidential information obtained directly / indirectly from Sanjiv Bhasin. Accordingly, by mirroring Sanjiv Bhasin's trading strategy, these entities placed similar trades either in their own trading accounts or in the trading accounts controlled by them and made ill-gotten gains, the order said.
Mint
4 hours ago
- Business
- Mint
Sebi bars Sanjiv Bhasin, 11 others for fraudulent trading, orders impounding ₹11.37 crore
Mumbai: The market regulator has barred former IIFL Securities director Sanjiv Bhasin and 11 others from securities trading for allegedly engaging in coordinated fraudulent trading by placing orders ahead of offering stock recommendations on television and social media. The Securities and Exchange Board of India (Sebi) also directed impounding of ₹ 11.37 crore from the 12 noticees—representing alleged unlawful gains from the scheme—according to the regulator's ex-parte interim order issued on Tuesday. Bhasin was associated with IIFL as a director between April 2017 and November 2022 and later as a consultant until June 2024. During this period, he offered stock recommendations that were disseminated to clients via IIFL's Telegram channel and trading platforms. Sebi alleged that Bhasin placed buy orders through trading accounts of related entities—including Venus Portfolios, Gemini Portfolios, and HB Stockholdings—shortly before recommending the same stocks on business channels such as CNBC Awaaz, Zee Business, ET Now, and IIFL's Telegram channel. '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.' The findings are based on a probe covering January 2020 to June 2024. According to Sebi, the trades were routed through RRB Master Securities, a brokerage firm managed by Bhasin's cousin Lalit Bhasin and his brother-in-law Ashish Kapur. The order states that Bhasin regularly coordinated with RRB dealers before making his recommendations. In one instance, on 11 January 2022, he recommended shares of L&T Technology Services live on Zee Business. Sebi observed that 'he had already accumulated 3,800 shares via futures contracts earlier in the day at ₹ 5,641.8 per share,' and squared off the position immediately after the broadcast at ₹ 5,677.79, booking a profit of ₹ 1.36 lakh. Sebi's investigation included phone call transcripts showing Bhasin giving precise instructions to dealers on price and quantity, often minutes before his public appearances. 'He used to recommend majorly 'buy' recommendations in certain scrips on TV Channels, which included those scrips in which he had already taken huge buy positions. Thereafter, contrary to his own buy recommendations given to the viewers en masse, he would give instructions to carry out opposite trades (sell),' the order stated. On 7 February 2024, Bhasin issued a 'special stock pick' for Parag Milk Foods at ₹ 210–220 with a 31-day target of ₹ 300. Sebi found he had already acquired 51,500 shares through HB Stockholdings and sold them on the same day at ₹ 235.45, realising a profit of ₹ 8.4 lakh. The regulator cited WhatsApp messages in which Bhasin sought trade confirmations and directed that profits be recorded. Sebi also highlighted that while IIFL Securities is a registered research analyst and investment adviser, Bhasin was not individually registered in either capacity. Pending final directions, Sebi has restrained all 12 noticees from buying, selling, or dealing in securities, either directly or indirectly. 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, in a statement, said Bhasin was associated with the firm as a contractual consultant. '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, 2024,' a spokesperson said, adding that 'he was not a member of the Board of Directors of IIFL Securities Limited or any other group company or affiliates.' The firm said it was not aware of the full details of the Sebi order and was unable to comment. The order can be appealed before the Securities Appellate Tribunal (SAT). Legal experts suggested that Bhasin's legal team may challenge Sebi's findings by disputing the causal link between his recommendations and the trades, or by denying control over the relevant accounts. "They may argue his television appearances were general market commentary rather than formal advice under Sebi's Research Analyst Regulations. They may also cite an organisational separation between his role and the trading activity", said Nirali Mehta, partner at Mindspright Legal. However, given the volume of evidence cited by Sebi, such arguments—similar to those rejected in the Hemant Ghai case—may be difficult to sustain, Mehta said. Lawyers specialising in securities regulation emphasized that the case signalled a broader shift in enforcement priorities. 'The SEBI interim order in the Sanjiv Bhasin matter gives a clear message: media visibility, when misused, can constitute market abuse,' she said. 'Sebi is now signalling that public-facing experts will be held to the same standard as insiders and regulated entities.' Mehta noted that under the Research Analyst Regulations, 'even recommendations on WhatsApp and Telegram are treated as public appearances subject to registration, disclosures, and trading restrictions.' She said experts may shift toward broader analysis, educational content, or more prominent disclaimers. 'While this curbs manipulative advice, it could also narrow the range and speed of commentary. Still, the real focus is not on silencing opinion but on penalising those who misuse their influence for personal gain.' While no action has been taken against the television channels that featured Bhasin, Mehta said, 'the regulatory direction suggests rising expectations around platform accountability'.
Mint
7 hours ago
- Business
- Mint
Sebi bars Sanjiv Bhasin, 11 others for fraudulent trading, orders impounding ₹11.37 crore
Mumbai: The market regulator has barred former IIFL Securities director Sanjiv Bhasin and 11 others from securities trading for allegedly engaging in coordinated fraudulent trading by placing orders ahead of offering stock recommendations on television and social media. The Securities and Exchange Board of India (Sebi) also directed impounding of ₹ 11.37 crore from the 12 noticees—representing alleged unlawful gains from the scheme—according to the regulator's ex-parte interim order issued on Tuesday. Bhasin was associated with IIFL as a director between April 2017 and November 2022 and later as a consultant until June 2024. During this period, he offered stock recommendations that were disseminated to clients via IIFL's Telegram channel and trading platforms. Sebi alleged that Bhasin placed buy orders through trading accounts of related entities—including Venus Portfolios, Gemini Portfolios, and HB Stockholdings—shortly before recommending the same stocks on business channels such as CNBC Awaaz, Zee Business, ET Now, and IIFL's Telegram channel. '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.' The findings are based on a probe covering January 2020 to June 2024. According to Sebi, the trades were routed through RRB Master Securities, a brokerage firm managed by Bhasin's cousin Lalit Bhasin and his brother-in-law Ashish Kapur. The order states that Bhasin regularly coordinated with RRB dealers before making his recommendations. In one instance, on 11 January 2022, he recommended shares of L&T Technology Services live on Zee Business. Sebi observed that 'he had already accumulated 3,800 shares via futures contracts earlier in the day at ₹ 5,641.8 per share,' and squared off the position immediately after the broadcast at ₹ 5,677.79, booking a profit of ₹ 1.36 lakh. Sebi's investigation included phone call transcripts showing Bhasin giving precise instructions to dealers on price and quantity, often minutes before his public appearances. 'He used to recommend majorly 'buy' recommendations in certain scrips on TV Channels, which included those scrips in which he had already taken huge buy positions. Thereafter, contrary to his own buy recommendations given to the viewers en masse, he would give instructions to carry out opposite trades (sell),' the order stated. On 7 February 2024, Bhasin issued a 'special stock pick' for Parag Milk Foods at ₹ 210–220 with a 31-day target of ₹ 300. Sebi found he had already acquired 51,500 shares through HB Stockholdings and sold them on the same day at ₹ 235.45, realising a profit of ₹ 8.4 lakh. The regulator cited WhatsApp messages in which Bhasin sought trade confirmations and directed that profits be recorded. Sebi also highlighted that while IIFL Securities is a registered research analyst and investment adviser, Bhasin was not individually registered in either capacity. Pending final directions, Sebi has restrained all 12 noticees from buying, selling, or dealing in securities, either directly or indirectly. 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, in a statement, said Bhasin was associated with the firm as a contractual consultant. '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, 2024,' a spokesperson said, adding that 'he was not a member of the Board of Directors of IIFL Securities Limited or any other group company or affiliates.' The firm said it was not aware of the full details of the Sebi order and was unable to comment. The order can be appealed before the Securities Appellate Tribunal (SAT). Legal experts suggested that Bhasin's legal team may challenge Sebi's findings by disputing the causal link between his recommendations and the trades, or by denying control over the relevant accounts. "They may argue his television appearances were general market commentary rather than formal advice under Sebi's Research Analyst Regulations. They may also cite an organisational separation between his role and the trading activity", said Nirali Mehta, partner at Mindspright Legal. However, given the volume of evidence cited by Sebi, such arguments—similar to those rejected in the Hemant Ghai case—may be difficult to sustain, Mehta said. Lawyers specialising in securities regulation emphasized that the case signalled a broader shift in enforcement priorities. 'The SEBI interim order in the Sanjiv Bhasin matter gives a clear message: media visibility, when misused, can constitute market abuse,' she said. 'Sebi is now signalling that public-facing experts will be held to the same standard as insiders and regulated entities.' Mehta noted that under the Research Analyst Regulations, 'even recommendations on WhatsApp and Telegram are treated as public appearances subject to registration, disclosures, and trading restrictions.' She said experts may shift toward broader analysis, educational content, or more prominent disclaimers. 'While this curbs manipulative advice, it could also narrow the range and speed of commentary. Still, the real focus is not on silencing opinion but on penalising those who misuse their influence for personal gain.' While no action has been taken against the television channels that featured Bhasin, Mehta said, 'the regulatory direction suggests rising expectations around platform accountability'. She added that media outlets may be required to ensure that featured experts explicitly disclose any conflicts of interest, with improved supervision and record-keeping becoming essential.
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Business Standard
8 hours ago
- Business
- Business Standard
Sebi bans Sanjiv Bhasin, 11 others for stock manipulation, fraudulent gains
Sebi on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities, and 11 others from the securities markets for indulging in share manipulation in a case pertaining to providing stock recommendations on media channels and other social media platforms. Additionally, Sebi directed them to disgorge ill-gotten gains of Rs 11.37 crore. In its 149-page interim order, Sebi noted that Bhasin was a well-known media guest expert with a huge following on social media. While associated with IIFL as a director or consultant, Bhasin provided stock recommendations through media channels, Telegram, and IIFL platforms. Sebi's investigation revealed that prior to his appearances on media channels, Bhasin would take positions -- primarily buy orders-- in the trading accounts of Gemini Portfolios, Venus Portfolios, and HB Stock Holdings Ltd through dealers of the trading member RRB Master Securities Delhi Ltd. Given the significant viewership of these channels, his stock recommendations had a considerable impact on the price and volume of the recommended scrips. Capitalizing on this influence, Bhasin would then execute opposite trades (sell orders) in the same accounts, contrary to his public buy recommendations, to profit from the surge in prices of the recommended scrips. Bhasin was employed with IIFL Securities in various capacities since 2015. He was employed with IIFL as a Director from April 1, 2017, to November 30, 2022. Thereafter, he was once again engaged with the company as a Consultant from December 1, 2022, to June 17, 2024. A search and seizure operation conducted by Sebi on June 13-14, 2024, across multiple locations in NCR led to the discovery of critical evidence, including WhatsApp chats and audio recordings. These revealed the modus operandi used by Bhasin in operating the fraudulent scheme of creating contrary positions to his own recommendations in the form of BTST (Buy Today Sell Tomorrow) or intraday trades. It was also revealed that Lalit Bhasin, cousin of Sanjiv Bhasin, aided him and, at times, assisted in placing the alleged fraudulent trades. Further, Ashish Kapur, Managing Director of RRB Master Securities Ltd, provided the necessary infrastructure and set-up to facilitate the scheme. The investigation also revealed that several other connected entities misused confidential trade order information obtained directly or indirectly from Sanjiv Bhasin. By mirroring his trading strategy, these entities placed similar trades either in their own accounts or in accounts controlled by them, thereby making ill-gotten gains. Sebi noted that Sanjiv Bhasin and others have been found to have violated provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practice) norms and research analyst rules, collectively making illegal gains amounting to Rs 11.37 crore. Accordingly, the regulator has passed interim directions restraining them from accessing the securities market and prohibited them from buying, selling, or otherwise dealing in securities, directly or indirectly and asked them to disgorge the illegal gains.
Time of India
9 hours ago
- Business
- Time of India
Sebi bans media guest expert Sanjiv Bhasin, 11 others from securities market for stock manipulation
Sebi on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities, and 11 others from the securities markets for indulging in share manipulation in a case pertaining to providing stock recommendations on media channels and other social media platforms. Additionally, Sebi directed them to disgorge ill-gotten gains of Rs 11.37 crore. In its 149-page interim order, Sebi noted that Bhasin was a well-known media guest expert with a huge following on social media. While associated with IIFL as a director or consultant, Bhasin provided stock recommendations through media channels, Telegram, and IIFL platforms. Sebi's investigation revealed that prior to his appearances on media channels, Bhasin would take positions -- primarily buy orders-- in the trading accounts of Gemini Portfolios, Venus Portfolios, and HB Stock Holdings Ltd through dealers of the trading member RRB Master Securities Delhi Ltd. Given the significant viewership of these channels, his stock recommendations had a considerable impact on the price and volume of the recommended scrips. Capitalizing on this influence, Bhasin would then execute opposite trades (sell orders) in the same accounts, contrary to his public buy recommendations, to profit from the surge in prices of the recommended scrips. Bhasin was employed with IIFL Securities in various capacities since 2015. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo He was employed with IIFL as a Director from April 1, 2017, to November 30, 2022. Thereafter, he was once again engaged with the company as a Consultant from December 1, 2022, to June 17, 2024. A search and seizure operation conducted by Sebi on June 13-14, 2024, across multiple locations in NCR led to the discovery of critical evidence, including WhatsApp chats and audio recordings. These revealed the modus operandi used by Bhasin in operating the fraudulent scheme of creating contrary positions to his own recommendations in the form of BTST (Buy Today Sell Tomorrow) or intraday trades. It was also revealed that Lalit Bhasin, cousin of Sanjiv Bhasin, aided him and, at times, assisted in placing the alleged fraudulent trades. Further, Ashish Kapur, Managing Director of RRB Master Securities Ltd, provided the necessary infrastructure and set-up to facilitate the scheme. The investigation also revealed that several other connected entities misused confidential trade order information obtained directly or indirectly from Sanjiv Bhasin. By mirroring his trading strategy, these entities placed similar trades either in their own accounts or in accounts controlled by them, thereby making ill-gotten gains. Sebi noted that Sanjiv Bhasin and others have been found to have violated provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practice) norms and research analyst rules, collectively making illegal gains amounting to Rs 11.37 crore. Accordingly, the regulator has passed interim directions restraining them from accessing the securities market and prohibited them from buying, selling, or otherwise dealing in securities, directly or indirectly and asked them to disgorge the illegal gains. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
