Sanjiv Bhasin Gets Partial Relief: SAT Orders Unfreezing of Accounts in SEBI Front-running Probe

Moneylife Digital Team 21 August 2025

Investor Interest

The securities appellate tribunal (SAT) has directed that the trading and demat accounts of market commentator Sanjiv Bhasin, formerly associated with IIFL Securities, be unfrozen after he deposits Rs1 crore with the Securities and Exchange Board of India (SEBI). The order comes in connection with SEBI’s probe into alleged stock manipulation.

Mr Bhasin accounts were earlier frozen after SEBI, in an interim order dated 17 June 2025, alleged that he had made illegal gains of about Rs11.37 crore by front-running stock recommendations he made on television and social media. SEBI had barred him from market activities pending further investigation. (Read: ‘Star’ Market Analyst Sanjiv Bhasin, 11 Others Held Guilty by SEBI in Front-running Scam Worth Rs11.4 Crore)

According to the SAT’s ruling, once Mr Bhasin deposits Rs. 1 crore in a fixed deposit with a lien marked in SEBI’s favour, his frozen accounts will be released. The tribunal also directed him to file a reply before SEBI within four weeks and cooperate in the proceedings, clarifying that the relief is interim in nature and subject to SEBI’s final adjudication.

SEBI has been probing Mr Bhasin’s alleged role in a pump-and-dump scheme. The regulator had examined his devices and found evidence suggesting he directed a private entity to purchase certain stocks before publicly recommending them on TV. Once retail interest surged, the stocks were allegedly sold at a profit. (Read: SEBI Investigating Role of Sanjiv Bhasin, Formerly with IIFL Securities, in Alleged Market Manipulation: Moneycontrol)

IIFL Securities clarified at the time that Mr Bhasin was only a contractual consultant until 17 June 2024 and was never a board member of the firm.

SEBI case centres on Mr Bhasin’s trades in Venus Portfolios Pvt Ltd, Gemini Portfolios Pvt Ltd and HB Stockholdings Ltd, executed through his broker RRB Master Securities Delhi Ltd. According to the regulator, Mr Bhasin first purchased shares of these companies and, subsequently, recommended them on TV and IIFL’s Telegram channel, leading to price movements. These trades were, allegedly, carried out through RRB dealers Jagat Singh and Rajiv Kapoor.

While SAT order ensures temporary relief by unfreezing Mr Bhasin accounts, the tribunal stressed that all rights and contentions of both parties remain open until SEBI concludes its adjudication. The appeal was disposed of with no order as to costs.

Comments

User

parimalshah1

6 months ago

Jane street with huge profit goes scot-free. Like IT authorities, SEBI finds easy to catch smaller fishes. Thanks to old mentality. The whole game is to extract money from big fishes and let them be. Keep catching the small ones to keep public happy and pretend to show it is doing a good (sic) job. Pathetic approach.