Sanjiv bhasin sebi ban: Capital Market Regulator SEBI on Tuesday took strict action on the famous market commentator Sanjeev Bhasin and 11 others. SEBI has banned all these from any kind of trading in the stock market. This action was taken after an investigation, in which these people were found involved in the front-running scheme. Also, an order has been issued to confiscate illegal earnings of ₹ 11.37 crore.
What are the allegations against Sanjeev Bhasin?
According to SEBI’s interim order, Sanjeev Bhasin, director of Iifl Securities LTD, is accused of bought those stocks themselves before recommending the stock on television channels and social media, and then sold them for profits after rising prices.
SEBI has described it as an interim order required to “protect the market and save illegal earnings”.
Bank and demat accounts freeze
SEBI has ordered all the 12 accused, including Bhasin, to deposit an amount of ₹ 11.37 crore in FD (fixed deposit), which will be controlled by SEBI. That is, those people cannot touch that FD, neither break, nor withdraw money, until the sebi ends or approves.
Also, instructions have been given to the respective banks and deposits to ensure that there is no debit transaction from banks and demat accounts. No property, mutual funds or securities can be transferred or sold until SEBI is allowed.
Investigation from 2020 to 2024
SEBI investigation is of period between January 2020 to June 2024. The investigation started after three complaints, in which Bhasin’s role in stock manipulation was revealed.
SEBI conducted a search and Caesar operation across the country in June 2024, collecting data from several electronic devices.
Ban on brokerage firm too
Noticeee No. 4 – RRB Master Securities Delhi Ltd, she is a brokerage firm through which Bhasin did these trades. This firm has also been banned from proprietary trading.
All the accused have been barred from dealing directly or indirectly in any share or security until SEBI’s instructions.
What will happen next?
This order of SEBI is also a show-cose notice i.e. Bhasin and the rest of the accused will now have to answer why permanent ban, interest including interest and other penalty should not be imposed against them.
They have been allowed to respond within 21 days and demand personal hearing.
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