📷 Image Credits: Moneycontrol
The Securities and Exchange Board of India (SEBI) is currently investigating Sanjiv Bhasin, who has been associated with IIFL Securities, for his alleged role in market manipulation. According to sources, SEBI officials have conducted a probe into Bhasin’s digital devices and collected evidence as part of the investigation. Bhasin, a renowned figure in business TV channels for discussing stock ideas and market sentiment, is under scrutiny for his involvement in a ‘pump and dump’ scheme.
IIF Securities has clarified that Bhasin was not a member of its Board of Directors and that his contract with the company was terminated prematurely due to health reasons. The company stated that Bhasin had informed them about SEBI’s enquiry, but they were not provided with details, hence refraining from commenting on the matter.
Legal expert Aaron Solomon emphasized the importance of compliance with SEBI regulations for individuals providing stock-related advice through public media. Failure to adhere to these regulations may result in penalties under the Securities and Exchange Board of India Act, 1992.
Typically, in SEBI investigations, evidence collection from personal devices marks the initial stage. Subsequently, based on the regulator’s findings and the entity’s submissions, SEBI issues show-cause notices and may impose penalties or restrictions as deemed necessary.
Recent observations suggest a decrease in Bhasin’s media appearances, with a shift towards retweeting follower comments appreciating his stock recommendations. This shift coincides with heightened inquiries from market regulators in mid-June, cracking down on guest experts manipulating stock prices through media platforms.
