SAT Orders SEBI to Unfreeze Lalit Bhasin’s Accounts

by Priya

Posted on July 14, 2025

SAT Directs SEBI to Unlock Lalit Bhasin’s Accounts

The Securities Appellate Tribunal (SAT) recently addressed the case involving Lalit Bhasin, who, along with others, had been subjected to strict restrictions by the Securities and Exchange Board of India (SEBI) amid allegations of stock manipulation and front-running.

Background

• SEBI, in an interim order dated June 17, 2025, barred Sanjiv Bhasin (a well-known market commentator and former director at IIFL Securities) and 11 others—including his cousin Lalit Bhasin—from accessing the securities market.
• The regulator alleged that these individuals engaged in a scheme where shares were purchased prior to being recommended on television and social media, then sold after the recommendations led to price surges, resulting in unlawful gains.
• SEBI ordered the freezing of bank and demat accounts of all accused, including Lalit Bhasin, and instructed them to deposit the alleged unlawful gains in fixed deposits with a lien in SEBI’s favor.

SAT’s Intervention

• Lalit Bhasin, contesting SEBI’s order, approached SAT seeking relief from the restrictions imposed on his accounts.
• SAT has heard the matter and, as of the latest updates, has directed SEBI to unlock or unfreeze Lalit Bhasin’s accounts, pending further proceedings.
• The tribunal’s direction provides interim relief to Lalit Bhasin, allowing him access to his bank and demat accounts while the case is under review.

Current Status

• The SAT’s order does not constitute a final verdict on the merits of the case but serves as a temporary measure until a detailed judgment is delivered.
• SEBI’s investigation into the alleged front-running and market manipulation continues, and further hearings are scheduled.

Key Points

• Lalit Bhasin’s accounts were frozen as part of SEBI’s probe into alleged unlawful stock market activities.
• SAT has directed SEBI to unlock these accounts, providing interim relief to Bhasin.
• The case remains under adjudication, with a final decision pending from SAT.

This development marks a significant procedural step in the ongoing legal battle between the accused parties and the market regulator.

Ref: Sanjiv Bhasin appeals to SAT against SEBI in front-running case