sanjeev bhasin and money fraud in stock market

India’s market regulator, SEBI, has made headlines by barring renowned market analyst Sanjiv Bhasin and 11 associates from trading in securities, alleging a systematic front-running scheme that exploited public trust and his influential broadcasting presence. With ₹11.37 crore in illicit gains frozen, this action represents one of the most significant crackdowns in recent memory.

 

A Broadcast Boomerang: Market Star Accused of Front-Running His Own Recommendations
The Securities and Exchange Board of India (SEBI) has taken decisive action against Sanjiv Bhasin, a prominent market commentator and Director at IIFL Securities Ltd, for allegedly orchestrating a front-running scheme involving televised stock tips and coordinated share trades. In an interim order issued on Tuesday, SEBI has barred Bhasin and eleven others from participating in the securities market pending a comprehensive investigation.

sanjeev bhasin and money fraud in stock marketsanjeev bhasin and money fraud in stock market

Bhasin is accused of leveraging his visibility on financial news channels and social media to artificially inflate stock prices. According to SEBI’s findings, Bhasin and his associates would purchase select stocks before promoting them on live television. Following the surge in public interest and subsequent price increases, they would offload their holdings, reaping substantial profits.

“These activities represent a classic case of market abuse,” SEBI stated. “Such manipulation not only erodes investor trust but also distorts the integrity of the capital markets.”

Cracking the Code: SEBI’s Surveillance and Search Operations
The case originated from three separate investor complaints filed between 2023 and 2024. These alerts prompted SEBI to launch a detailed investigation covering trades from January 2020 to June 2024.

In a rare and aggressive move, SEBI conducted search and seizure operations in June 2024 across multiple locations associated with Bhasin and his network. Data was collected from phones, computers, and other electronic devices, revealing a pattern of synchronized trades and televised recommendations.

One key player, RRB Master Securities Delhi Ltd, identified as “Noticee No. 4,” was the primary broker used to execute these trades. SEBI has barred the firm from proprietary trading until further notice.

sanjeev bhasin banned from market after money fraudsanjeev bhasin banned from market after money fraud

₹11.37 Crore Impounded, Market Access Blocked, and a 21-Day Ultimatum
SEBI’s interim order mandates that Bhasin and his associates deposit the impounded gains, totaling ₹11.37 crore, in fixed deposits with liens marked in SEBI’s favor. All 12 individuals have been prohibited from buying, selling, or dealing in securities, either directly or indirectly.

Banks and depositories have been instructed to block any debits from the affected accounts and prevent the sale or transfer of any assets, including mutual fund units and shares. The interim order also serves as a show-cause notice. The accused have 21 days to respond and may request a personal hearing before SEBI makes a final decision. The regulator has left the possibility open for more severe sanctions, including permanent bans and additional monetary penalties.