Sebi on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities, and 11 others from the securities markets for indulging in share manipulation in a case pertaining to providing stock recommendations on media channels and other social media platforms. Additionally, Sebi directed them to disgorge ill-gotten gains of Rs 11.37 crore. In its 149-page interim order, Sebi noted that Bhasin was a well-known media guest expert with a huge following on social media. While associated with IIFL as a director or consultant, Bhasin provided stock recommendations through media channels, Telegram, and IIFL platforms. Sebi's investigation revealed that prior to his appearances on media channels, Bhasin would take positions -- primarily buy orders-- in the trading accounts of Gemini Portfolios, Venus Portfolios, and HB Stock Holdings Ltd through dealers of the trading member RRB Master Securities Delhi Ltd. Given the significant viewership of these channels, his stock recommendations had
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The industry source said most of the websites in the order are somewhere linked to Mumbai