SEBI Investigating Role of Sanjiv Bhasin, Formerly with IIFL Securities, in Alleged Market Manipulation: Moneycontrol
Moneylife Digital Team 27 June 2024
Market regulator Securities and Exchange Board of India (SEBI) is investigating Sanjiv Bhasin, who has been associated with IIFL Securities, for his part in alleged market manipulation, says a report from Moneycontrol, quoting people familiar with the ongoing probe.
 
The people cited told the portal that SEBI officials had examined Mr Bhasin's digital devices as part of the investigation and gathered evidence.
 
IIFL Securities told Moneycontrol that Mr Bhasin was not a member of its board of directors and that his term with the company was discontinued prematurely.
 
"Sanjiv Bhasin was associated with IIFL Securities as a Consultant on a contractual basis. His term was to end on 30 June 2024. However, due to health reasons, Mr Bhasin's contract has been discontinued prematurely with effect from 17 June 2024. Mr Bhasin informed us about SEBI's enquiry but the details of the same was not disclosed to us. Hence, we will not be able to comment. Please note that he was not a member of the Board of Directors of IIFL Securities Limited or any other group company or affiliates," IIFL Securities says in a statement.
 
Mr Bhasin is a familiar face on business TV channels, where he discusses stock ideas and market sentiment.
 
According to Moneycontrol, initial investigations indicated that Mr Bhasin would direct a private company to buy certain stocks after which he would recommend these stocks on TV. "After sufficient retail interest is generated and the stock price moves up, the company would dump the stock. The probe is also looking into the connection between Bhasin and this entity. The actions being probed by SEBI are referred to in market parlance as a 'pump and dump' scheme."
 
   
Mr Bhasin regularly appeared on ET Now Swadesh. However, recently, he seems to have reduced his TV appearances. Instead, he has been re-tweeting his followers' comments that thank him for his stock recommendations. Comments asking why he hasn't been on TV have increased in frequency since 15 June 2024. 
 
The sources told Moneycontrol that the market regulator's actions took place around that time.
 
Two of the people cited told Moneycontrol that Mr Bhasin's digital records over the past few years have provided the regulator with evidence of his involvement.
 
Moneycontrol says it has written to Mr Bhasin and SEBI for a comment and will update the article once the responses come in.
 
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