SEBI bars Sanjiv Bhasin from markets, orders impounding of Rs 11.37 crore in unlawful gains

The Securities and Exchange Board of India (SEBI) has taken decisive action against Sanjiv Bhasin, barring him from participating in the securities market. This move comes after allegations surfaced that Bhasin was involved in buying shares of several companies and subsequently promoting them through strategic appearances in news media and on the IIFL Telegram channel. SEBI's order highlights concerns about the integrity of the market and the need to protect investors from potentially manipulative schemes. In its investigation, SEBI found that Bhasin's activities resulted in unlawful gains amounting to Rs 11.37 crore. By leveraging his media presence, he allegedly influenced stock prices, creating an artificial demand that may have misled investors. The regulatory body has ordered the impounding of these gains, emphasizing its commitment to maintaining market fairness and transparency. This case underlines the critical role of market regulators in identifying and curbing activities that can undermine the trust of investors. This development serves as a reminder of the vigilance required in monitoring market activities. As SEBI continues to uphold its mandate of safeguarding investor interests, this action against Bhasin sets a precedent for dealing with similar cases of market manipulation. The financial community will be closely watching the outcomes of this case, as it reinforces the importance of ethical conduct and accountability in the financial markets.

— Authored by Next24 Live