Sanjiv Bhasin moves SAT over Sebi charge

Sanjiv Bhasin, former director of IIFL Securities, has approached the Securities Appellate Tribunal (SAT), challenging a Securities and Exchange Board of India (Sebi) order that accused him of market manipulation, according to a copy of the plea seen by Mint.

- Priyanka Gawande

In its 17 June order, Sebi alleged that Bhasin was involved in front-running and stock manipulation. The market regulator barred Bhasin and 11 others from securities trading for allegedly engaging in coordinated fraudulent trading by placing orders ahead of offering stock recommendations on television and social media.

The SAT is scheduled to hear the matter on Thursday. Bhasin is being represented by law firm Vishesha Law, per a court filing.

Front-running refers to trading in a stock or any other financial asset by a broker who has insider knowledge of a future transaction that is likely to impact its price.

"Sebi's order has caused significant hardship, resulting in freezing of all bank accounts and securities, thereby severely disrupting my finances," said the 28-page petition.