SEBI Impounds ₹11.37 Crore, Bars Sanjiv Bhasin in Market Manipulation Case

by Priya Bhatiya

Posted on June 18, 2025

SEBI Bars Sanjiv Bhasin for Stock Manipulation

Summary of Action

The Securities and Exchange Board of India (SEBI) has barred Sanjiv Bhasin, former director at IIFL Securities and a prominent media market expert, along with 11 others, from accessing the securities markets due to their involvement in an alleged stock manipulation scheme. SEBI’s interim order also directs the impounding of ₹11.37 crore in unlawful gains accrued through the scheme.

Details of the Manipulation Scheme

• Modus Operandi: SEBI’s investigation found that Bhasin would buy shares of certain companies through entities linked to him before making public recommendations on television channels and social media platforms. After his recommendations led to a rise in the stock prices, he would sell the shares at a profit, engaging in what is known as a “pump and dump” or front-running scheme.
• Media Influence: Bhasin leveraged his appearances on major business news channels such as Zee Business, ET Now, and CNBC, as well as Telegram and IIFL platforms, to influence stock prices by recommending the same stocks he had already purchased.
• Evidence: SEBI’s probe included search and seizure operations, which uncovered WhatsApp chats, audio recordings, call data records, and systematic profit-tracking documents that detailed coordinated trading and profit distribution among the involved parties.
• Entities Involved: The scheme involved multiple entities, including Venus Portfolios Private Limited, HB Stockholdings Limited, and Gemini Portfolios Private Limited, with profits distributed among these and other associates.

Regulatory Findings and Restrictions

• Violations: SEBI found prima facie violations of several provisions, including Section 12A of the SEBI Act, 1992, and the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, as well as Research Analyst Regulations.
• Market Ban: All named individuals and entities have been prohibited from buying, selling, or dealing in securities, either directly or indirectly. Their demat accounts have been frozen, and they are required to disclose all assets to SEBI.
• Financial Measures: The impounded amount of ₹11.37 crore must be deposited in fixed deposit accounts with a regulatory lien, and all bank accounts of the accused are subject to debit restrictions except for compliance with SEBI’s order.
• Show Cause Notice: The interim order also serves as a show cause notice, giving the accused 21 days to respond or request a hearing before a final order is passed.

Scope and Impact

• Time Frame: The manipulative activities reportedly took place between January 2020 and June 2024.
• Reputation: Bhasin, known for his large following and frequent media appearances, is accused of exploiting his influence for personal gain, impacting retail investors who acted on his recommendations.

Conclusion

SEBI’s action against Sanjiv Bhasin underscores its commitment to curbing manipulative practices in Indian securities markets and protecting retail investors from fraudulent schemes orchestrated by influential market participants.

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Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation