SEBI Investigates Market Manipulation by Sanjiv Bhasin, Evidence Found in Digital Devices

The Securities and Exchange Board of India (SEBI) is currently conducting an investigation into the alleged market manipulation involving Sanjiv Bhasin, a prominent figure in the financial world. SEBI officials have recently scrutinized Bhasin’s digital devices for evidence related to the case, as reported by Moneycontrol.

Sanjiv Bhasin is well-known for sharing stock trading tips and insights on various media channels and platforms. His involvement in recommending specific stocks for trading has now come under the scanner of SEBI.

The initial findings of the investigation suggest that Bhasin may have instructed a private company to purchase certain stocks before subsequently endorsing those very stocks on television programs and other media appearances. This practice, commonly referred to as a ‘pump and dump’ scheme in financial markets, involves artificially inflating stock prices for personal gain.

Following the spike in retail interest driven by Bhasin’s recommendations, the stocks in question were purportedly offloaded by the private entity, leading to potential market irregularities.

IIFL Securities, a brokerage house associated with Bhasin, clarified that his contract as a consultant was terminated earlier than scheduled due to health reasons. The brokerage confirmed that Bhasin had informed them about SEBI’s inquiry but did not provide further details on the matter.

While SEBI’s investigation is ongoing and the details are yet to be fully disclosed, the regulatory body aims to uncover any misconduct or violations associated with the alleged market manipulation practices attributed to Mr. Sanjiv Bhasin.