Sanjiv Bhasin Challenges SEBI’s Front-Running Order at SAT

by Priya Bhatiya

Posted on July 11, 2025

Sanjiv Bhasin Appeals SEBI Order at SAT in Front-Running Case

Sanjiv Bhasin, former director of IIFL Securities and a well-known stock market commentator, has appealed to the Securities Appellate Tribunal (SAT) against an order by the Securities and Exchange Board of India (SEBI) that accused him of front-running and stock manipulation.

Key Allegations by SEBI

• Front-Running & Manipulation: SEBI alleged that Bhasin purchased shares before recommending them on television and social media, then sold them after the price rose due to retail investor activity prompted by his endorsements.
• Unlawful Gains: The regulator claimed that Bhasin and 11 others made illicit gains totaling ₹11.37 crore, which were ordered to be impounded and kept in fixed deposits with a lien in favor of SEBI.
• Trading Ban: Bhasin and the other accused have been barred from trading in securities, either directly or indirectly, pending further notice.
• Evidence Cited: SEBI’s order cited WhatsApp chats, audio files, and trading records showing that Bhasin coordinated trades with dealers ahead of his public recommendations.

Bhasin’s Response and Appeal

• Denial of Allegations: Bhasin has denied all charges, stating he did not profit from the alleged trades and that SEBI’s calculation of unlawful gains was incorrect, as it included profits from shares unrelated to his recommendations.
• Appeal to SAT: He has challenged SEBI’s interim order before the SAT, seeking to overturn the trading ban and the regulator’s findings. The SAT has scheduled the next hearing for July 21, 2025, and reserved its judgment.
• Family Members Involved: Lalit Bhasin (his cousin) and other associates have also approached SAT for relief, as they were named in the SEBI order for aiding in the alleged scheme.

Background of the Case

• Investigation Period: SEBI’s probe covered trades and recommendations made between January 2020 and June 2024.
• Nature of Scheme: Bhasin allegedly used accounts linked to entities such as Venus Portfolios, Gemini Portfolios, and HB Stockholdings, routing trades through RRB Master Securities, Delhi.
• Media Presence: Bhasin frequently gave stock recommendations on national business channels and actively shared them on IIFL’s Telegram channel.He was not registered as a research analyst or investment advisor in his personal capacity, though IIFL was registered as such.

Current Status

• The SAT is reviewing the case, with the next hearing scheduled for July 21, 2025. Until then, Bhasin and the other accused remain barred from trading, and the impounded funds remain frozen.

Summary Table: Key Details

This case highlights regulatory scrutiny over market experts using their influence for personal gain and underscores the importance of transparency and compliance in financial recommendations.

Ref: Sanjiv Bhasin challenges Sebi ban, appeals to SAT in front-running probe