The Securities and Exchange Board of India (SEBI) is increasing its strictness on stock market manipulation. Now SEBI’s target is Sanjeev Bhasin, an experienced stock market investor and expert. The market regulator is investigating Sanjeev Bhasin, associated with IIFL Securities, for his role in alleged market manipulation. This claim has been made in a Moneycontrol news report citing a source. According to this news, SEBI officials have examined the digital devices of Sanjeev Bhasin during the investigation and collected some important evidence.
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What IIFL Securities said
IIFL Securities told Moneycontrol that Bhasin is not a member of the company’s board of directors and his tenure with the company has ended prematurely. According to the company, Sanjeev Bhasin was engaged with IIFL Securities as a consultant on contractual basis. His term was to end on 30 June 2024. However, Bhasin’s contract has been prematurely terminated due to health reasons. The company further said that Bhasin had informed us about Sebi’s inquiry but the details were not disclosed to us, so we cannot comment. IIFL Securities further stated that Bhasin was not a member of the Board of Directors of IIFL Securities Limited or any other group company or associate companies.
What kind of investigation is being done?
Preliminary investigations suggest that Bhasin had advised a private company to buy some shares. After which he used to recommend this share on TV. After the price of this stock rises, the company dumps it. The probe is also looking into the connection between Bhasin and this entity. The practice being investigated by SEBI is called a ‘pump and dump’ scheme in market parlance.
Who is Sanjeev Bhasin?
Let us tell you that Sanjeev Bhasin is a well-known face of business TV channels. It discusses stock advice and market sentiment. Also recommend the stock. For the past few days, Bhasin has reduced his TV appearances. Instead he is active on his social media account X. SEBI is cracking down on guest experts appearing on media platforms, especially TV channels, with the intention of manipulating share prices.