Sanjiv Bhasin challenges Sebi ban, appeals to SAT in front-running probe
, former director of
IIFL Securities
and a once-familiar face on Indian business television, has filed an appeal with the Securities Appellate Tribunal (SAT) challenging a Securities and Exchange Board of India (Sebi) order that accuses him of front-running and stock price manipulation.
In a strongly worded interim order dated June 17, Sebi barred Bhasin and 11 others from trading in the securities market. The regulator alleged that Bhasin engaged in 'fraudulent and manipulative' practices by taking stock positions ahead of publicly recommending them on television and social media, thereby earning unlawful profits. The order also directed the impounding of Rs 11.37 crore in alleged ill-gotten gains.
Stock tips, profits, and a social media reinvention
Bhasin, who served as director of IIFL from April 2017 to November 2022 and continued as a consultant until June 2024, was widely known for his stock recommendations broadcast on national news channels and IIFL's Telegram channel. Sebi's investigation, covering the period from January 1, 2020, to June 12, 2024, found that Bhasin would first buy the securities himself and later recommend them to the public via TV appearances and Telegram posts.
According to the order, Bhasin executed trades using accounts linked to Venus Portfolios Private Ltd, Gemini Portfolios Private Ltd, and HB Stockholdings—entities Sebi identified as profit-makers in the alleged scheme. These trades were routed through the broker RRB Master Securities Delhi, with Jagat Singh and Rajiv Kapoor acting as dealers, the order noted.
'These trades prima facie show that Sanjiv Bhasin was not genuine about his recommendations,' Sebi stated. 'Investors would have invested their hard-earned money believing the advice to be research-backed, only to be deceived.'
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The regulator's findings were based on evidence, including WhatsApp chats and audio files, which allegedly revealed that Bhasin timed his trades to precede or coincide with his media appearances, often exiting after a retail-driven price surge.
From markets to Mars
In a curious twist, Bhasin had begun pivoting to astrology-based content on social media in the months leading up to Sebi's crackdown. Following search and seizure operations at his premises in the National Capital Region in June 2024, he quietly exited IIFL. He later reappeared online as a self-described astrologer, offering guidance on 'relationships, careers, and investments' based on planetary alignments.
'Mars to enter Leo tomorrow after almost 9 months—could be the big change you were looking forward to,' read one of his posts on X, where he now has over 323,000 followers and lists his credentials as 'Market Guru, Mundane Astrology, Fate & Freewill, Sense & Sensibility.'
Bhasin even ventured into geopolitical predictions, claiming 'civil unrest and splits in Pakistan by end-May' based on its national horoscope—a forecast that did not materialise.
A regulator's warning
In its June order, Sebi observed that 'Sanjiv Bhasin manipulated the price of securities and made ill-gotten gains.' It added, 'Sebi cannot remain a mute spectator when fraudulent and manipulative activities take place in the securities market by personalities who are actually revered… and have a huge following on social media platforms.'
The regulator had earlier received three complaints between September and October 2023, which ultimately led to the investigation. The order was issued by Kamlesh C. Varshney, Sebi's Whole-Time Member.
The SAT will now hear Bhasin's appeal as he seeks to overturn the trading ban and the regulator's findings. Until then, the once-celebrated market commentator remains off the trading floor.
Also read |
From stock tips to astro tips! Sanjiv Bhasin turned astrologer before Sebi ban
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