SEBI restrains former IIFL director Sanjiv Bhasin from markets for stock manipulation

The Securities Exchange Board of India (SEBI) on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities Ltd (IIFL) and 10 other entities from the securities market for alleged stock manipulation by providing recommendations on news channels and social media platforms.in the interim order, the regulator also directed to impound a total amount of Rs 11.37 crore gained by these entities through unlawful activities.

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Others who have been restrained from markets include Lalit Bhasin, cousin of Sanjiv Bhasin, Ashish Kapur, Rajiv Kapoor, Jagat Singh, Praveen Gupta, Venus Portfolios Private Ltd, Gemini Portfolios Pvt Ltd, HB Stockholdings Ltd, Leo Portfolios Pvt Ltd and Babita Gupta.“Sanjiv Bhasin, a (former) director at IIFL Securities Ltd, traded through a broker viz. RRB Master Securities Delhi Limited wherein he used to first buy securities himself, then used to recommend the same securities to the public on news channels like “Zee Business” and “ET Now”, and/or IIFL Telegram channel, to buy the same securities,” SEBI said in the interim order.