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Mint
01-08-2025
- Business
- Mint
Sebi claims Sanjiv Bhasin 'kingpin' in front-running case
Mumbai: The Securities and Exchange Board of India (Sebi), during a hearing in the Securities Appellate Tribunal on Friday, alleged that Sanjiv Bhasin, former director of IIFL Securities, was the 'kingpin' in a front-running and market manipulation case. 'It's fairly a gross case... The appellant (Sanjiv Bhasin) is perhaps tactically the actual kingpin and mastermind behind the whole thing,' Shiraz Rustomjee, senior counsel for Sebi, said during a hearing in the Securities Appellate Tribunal (SAT). After the hearing, the tribunal directed Bhasin to deposit ₹ 1 crore in favour of Sebi. 'In our view, the end of justice would be met by directing the appellant (Bhasin) to deposit a sum of ₹ 1 crore in a fixed deposit with lien mark in favour of Sebi,' the SAT bench said in its order. Sebi's comment follows a petition filed by Sanjiv Bhasin in the SAT challenging the market regulator's 17 June order that alleged that Bhasin was involved in front-running and stock manipulation. Front-running refers to trading of stock or any other financial asset by a broker who has insider knowledge of a future transaction that is about to affect its price. The market regulator, in its order, held that Bhasin first bought the securities himself and later recommended them to the public on news channels, including Zee Business, ET Now, and IIFL's Telegram channel, in violation of Sebi's Research Analyst Regulations. The Sebi had ordered the freezing of Bhasin's bank accounts and securities and directed him, along with others, to jointly and severally impound alleged gains of ₹ 11.7 crore—an amount Bhasin claimed was 'unsustainable' and has caused significant financial hardship. Bhasin, along with his cousin Lalit Bhasin other entities, were also barred from accessing capital markets. Vikram Nankani, appearing for Sanjiv Bhasin, denying the allegations, said, 'How they have gone about calculating this figure, which is completely based on imagination. This (deposit amount) ₹ 11.37 crores has really no basis.' Bhasin, in his 28-page plea, argued that he received no direct monetary benefit and that no funds flowed into his account from the transactions in question. He termed the Sebi order 'excessive, disproportionate and based on erroneous computation,' stating that some profits included in SEBI's calculation were from stocks neither recommended nor traded with the alleged intent. The case is part of Sebi's broader crackdown on media-linked market manipulation and financial advice driven by undisclosed conflicts of interest.
Indian Express
10-06-2025
- Business
- Indian Express
Sebi offers settlement for brokers facing action in algo trading
The Securities and Exchange Board of India (SEBI) has offered a settlement scheme for brokers who were undergoing regulatory action for being associated with algo trading platforms. The scheme is going to apply to brokers dealing with proceedings before the regulator and the Securities Appellate Tribunal. The Sebi move is to provide a route to the brokers to conclude these matters in an expeditious manner. The scheme which commences on July 16 will conclude on September 16, Sebi said in a statement This scheme aims to provide a settlement opportunity to stock brokers linked with specific algo platforms against whom proceedings have already been initiated by Sebi and are currently pending before any authority or forum like the Adjudicating Officer, Securities Appellate Tribunal or the courts. The concerned stock brokers may settle the proceedings and seek an expedited conclusion to their cases by availing of the benefits of this scheme. However, Sebi clarified that actions initiated against stock brokers, who choose not to avail this settlement opportunity, will continue in accordance with the law. Over 100 brokers earlier reportedly received Sebi warnings for allowing APIs (application programming interface) of an algo provider, which allegedly provided assured returns. Earlier, trading applications provided by several brokers allowed their clients to use API — a software that allows two applications to communicate with each other. After they are installed, APIs get the authorisation to perform a host of functions in the trading account, such as placing buy and sell orders or cancelling orders. Sebi issued a circular in 2022 prohibiting stockbrokers from any association with platforms offering assured returns. Market regulator Sebi is conducting an extensive investigation into Jane Street's derivatives trading activity over the past three years, examining whether the global quantitative trading giant attempted to manipulate India's benchmark stock indices, according to a Reuters report. The probe — said to be SEBI's most far-reaching into an international trading firm — comes amid the regulator's broader efforts to temper the heightened activity in India's booming derivatives market. The investigation is focused on Jane Street, its Singapore-based affiliate Jane Street Singapore Pte, and JSI Investments, its Indian unit. SEBI is reviewing the firms' algorithmic trading strategies, particularly in relation to the NSE's Nifty 50 index and its banking sector counterpart.
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Business Standard
01-06-2025
- Business
- Business Standard
Street Signs: Nifty hits the 25K wall, SAT's gavel comes down hard, more
The Securities Appellate Tribunal (SAT) will resume proceedings on Monday after a three-week summer recess Samie Modak Khushboo Tiwari Mumbai Listen to This Article Nifty hits the 25K wall, searching for a crack The Nifty 50 index ran into resistance at the 25,000 mark last week, failing to break through convincingly. The benchmark slipped 0.4 per cent to close at 24,751 as selling pressure intensified near the psychological threshold. Analysts expect the market to remain in a consolidation phase in the absence of fresh triggers. Dhupesh Dhameja, derivatives research analyst at Samco Securities, said the market remains on an upward trajectory as long as it stays above its 20-day exponential moving average, but the 25,100 level is proving hard to crack. 'A decisive breakout
