SEBI bars ex‑IIFL exec Sanjiv Bhasin and 11 others for alleged frontrunning through stock recommendations. ₹11.4 cr impounded. Learn what this means.
Who is Sanjiv Bhasin?
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Full Name: Sanjiv Bhasin (aka “Tunnu”), born October 25, 1962, in New Delhi economictimes.indiatimes.com+15profileage.com+15outlookbusiness.com+15
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Education: B.Com (Hons) from Shri Ram College of Commerce; PhD in Astrology (Jyotish Bushan) livemint.com+2profileage.com+2multibaggerstockideas.com+2
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Career Highlights:
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Director (Gurugram) at IIFL Securities (contractual role till June 17, 2024) en.wikipedia.org+15reuters.com+15business-standard.com+15
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Former Chief Economist at NSE
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Popular stock market influencer—active on Zee Business, CNBC Awaaz, ET NOW, YouTube, and Telegram moneycontrol.com+15profileage.com+15multibaggerstockideas.com+15reddit.com+4multibaggerstockideas.com+4reddit.com+4
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🎤 Media Presence & Market Influence
Bhasin carved a niche as a household name among retail investors by offering frequent stock picks, price targets, and stop-loss advice on TV and social platforms. However, some retail traders have questioned the accuracy of his calls:
“I used to follow his articles … RattanIndia is an example of this. So not fully surprised” economictimes.indiatimes.com+15reddit.com+15reddit.com+15
“It’s just bad! … 415% expected vs –55% actual returns”—flagged by a Reddit user on his Zee Business recommendations reddit.com
Despite criticism, his media persona drew significant attention and influence—amplifying frontline concerns when SEBI alleged misuse of this platform for short-term gains.
🚨 Regulatory Crackdown: What Led to the SEBI Action
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Alleged Scheme (Jan 2020–Jun 2024):
Bhasin and associates allegedly bought shares, recommended them publicly (TV/Telegram), then sold at inflated prices—a classic “pump and dump” and frontrunning setup outlookbusiness.com+6cnbctv18.com+6economictimes.indiatimes.com+6business-standard.com+9reuters.com+9reddit.com+9 -
SEBI Findings:
• Coordinated trades via private entities, timed with his media recommendations
• Digital device analysis and chat logs used as evidence reddit.commoneylife.in+3moneycontrol.com+3cnbctv18.com+3 -
Market Reaction:
IIFL Securities stock dropped ~10% following SEBI’s probe announcement en.wikipedia.org+15livemint.com+15economictimes.indiatimes.com+15
⚠️ Implications & Fallout
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Market Integrity: SEBI’s action signals that distribution platforms (TV, Telegram) must not be used to front-run and manipulate prices
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Investor Caution: Retail investors should be skeptical of influencer-boosted stock tips—verify fundamentals before investing
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Personal Consequences: Bhasin faces a market ban, ₹11.4 crore impoundment, and possible long-term penalties post-show-cause proceedings
What Happened?
On June 17–18, 2025, the Securities and Exchange Board of India (SEBI) issued an interim ex‑parte order barring Sanjiv Bhasin, a former IIFL Securities director, and 11 others from the securities markets. They are accused of frontrunning—purchasing stocks and then using media channels (TV & Telegram) to recommend them, driving up prices before selling at a profit. SEBI has impounded around ₹11.4 crore (₹11.37 cr) as unlawful gains timesofindia.indiatimes.com+10reuters.com+10newindianexpress.com+10.
🔍 Allegations & Investigation Details
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The investigation covered January 2020 to June 2024, during which Bhasin and accomplices placed large buy orders before issuing “buy” recommendations on channels like Zee Business, ET Now, and IIFL’s Telegram newindianexpress.com+2reuters.com+2livemint.com+2.
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Their broker, RRB Master Securities, handled trades through accounts named Venus Portfolios, Gemini Portfolios, and others m.economictimes.com+3livemint.com+3newindianexpress.com+3.
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Evidence included WhatsApp chats, phone recordings, and transaction logs showing coordinated trading timed with media appearances financialexpress.com+10livemint.com+10m.economictimes.com+10.
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SEBI froze asset transfers, bank accounts and mandated fixed deposits of the impounded amount under SEBI’s lien economictimes.indiatimes.com+3newindianexpress.com+3moneylife.in+3.
👥 Who Are the Noticees?
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Sanjiv Bhasin – mastermind, using media recommendations for profit
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His cousin (Lalit Bhasin) and brother-in-law (Ashish Kapur), both linked to the brokerage arm
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Dealers and family-linked entities including Venus Portfolios, Gemini Portfolios, HB Stockholdings
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Dealers Rajiv Kapoor, Jagat Singh, Praveen Gupta, and other associated parties economictimes.indiatimes.com+10newindianexpress.com+10livemint.com+10
⚖️ SEBI’s Orders & Next Steps
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All 12 individuals are barred from market participation until further notice
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SEBI issued show-cause notices and gave 21 days to respond or seek a hearing economictimes.indiatimes.com+10newindianexpress.com+10moneylife.in+10livemint.com
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Asset/liability freezes remain in place; SEBI may initiate permanent bans, disgorgement with interest, and penalties
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Sanjiv Bhasin could appeal to the Securities Appellate Tribunal (SAT)
💡 Why It Matters
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Investor Protection: SEBI signals zero tolerance for abuse of media influence and insider knowledge.
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Regulatory Warning: High-profile enforcement warns analysts and advisors to maintain ethical standards.
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Market Integrity: Ensures public trust in expert opinions and protects retail investors from manipulation.