SEBI is investigating the role of Sanjiv Bhasin, formerly with IIFL Securities, in alleged market manipulation. IIFL Securities stated that Bhasin's contract was discontinued from June 17 due to health reasons, and he informed them of SEBI's enquiry without disclosing details.
Sources familiar with the probe revealed that SEBI officials have examined Bhasin's digital devices and gathered evidence. Initial investigations indicate Bhasin directed a private company to buy stocks, then recommended them on TV, leading to a price surge before the company sold the stocks—a classic ‘pump and dump’ scheme.
Moneycontrol has reached out to Bhasin and SEBI for comments and will update the article upon receiving responses.
Bhasin, a familiar face on business TV channels, has reportedly reduced his appearances since June 15, retweeting follower comments about his stock recommendations instead. SEBI's actions reportedly began around this time.
Legal expert Aaron Solomon highlighted that individuals offering stock advice on public media must comply with SEBI's regulations. Non-compliance can lead to severe penalties under the Securities and Exchange Board of India Act, 1992.
SEBI has been intensifying its crackdown on guest experts manipulating stock prices through media platforms, particularly TV channels.
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