Sebi probing market expert Sanjiv Bhasin for alleged manipulation

The investigation of Bhasin follows Sebi's earlier orders on several market experts who gave stock recommendations on television

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The Securities and Exchange Board of India (Sebi) is investigating Sanjiv Bhasin, a market expert appearing on business news channels and former consultant with brokerage firm IIFL Securities, for alleged market manipulation.

Bhasin’s investigation follows Sebi’s earlier orders on several market experts who offered stock recommendations on television.

“Sanjiv Bhasin was associated with IIFL Securities as a consultant on a contractual basis. His term was to end on June 30, 2024. However, due to health reasons, Bhasin's contract has been discontinued prematurely with effect from June 17, 2024. Bhasin informed us about Sebi’s enquiry but the details of the same were not disclosed to us. Hence, we will not be able to comment,” IIFL Securities said in a statement.

The brokerage firm added that he was not a member of its board of directors or any other group firm.

Messages sent to Bhasin on the allegations remained unanswered.

Earlier this year, Sebi barred 10 entities, including market experts, research analysts, and guests appearing on a TV channel, from the securities market for allegedly indulging in fraudulent activities by ‘influencing innocent investors’. The regulator had pegged the unlawful gains at Rs 7.5 crore.