IIFL Sec shares slump as former consultant Sanjiv Bhasin faces Sebi probe

Shares of IIFL Securities dipped 4.3 per cent at Rs 218.15 per share on the BSE in Thursday’s intraday trade. This came amid reports of an ongoing Sebi probe on IIFL’s former employee Sanjiv Bhasin.

According to reports, the market regulator, Sebi is investigating Sanjiv Bhasin for his alleged involvement in market manipulation. Officials from the regulatory body have reportedly seized his digital devices and collected evidence as part of the ongoing probe.

IIFL Securities on Wednesday said that Sanjiv Bhasin was associated with the brokerage house as a consultant on a contractual basis. Bhasin is well-known for his appearances on various business news channels and digital media platforms, where he shares trading ideas related to stocks.

According to the statement, his contractual term was originally scheduled to conclude on June 30, 2024. However, due to health reasons, his contract has been terminated prematurely, effective from June 17, 2024.

"Bhasin informed us about Sebi's inquiry, but we were not provided with specific details. Therefore, we are unable to comment. It should be noted that he was not a member of the board of directors of IIFL Securities Ltd or any other group company or affiliates," the brokerage said in a statement. 

IIFL Securities specialises in stock broking, investment advisory, wealth management, and distribution of financial products. It offers online trading platforms, research insights, and corporate finance services like IPO advisory and M&A.

At 12:05 PM; the shares of the company were trading 4.09 per cent lower at Rs 219.10 per share on the BSE. By comparison the BSE Sensex was up by 0.40 per cent at 78,991 per share.