SEBI Bans Sanjiv Bhasin & 11 in Frontrunning Scam, Impounds ₹11.4 Cr

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?


🎤 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


⚠️ Implications & Fallout

  • Market Integrity: SEBI’s action signals that distribution platforms (TV, Telegram) must not be used to front-run and manipulate prices

  • Investor Caution: Retail investors should be skeptical of influencer-boosted stock tips—verify fundamentals before investing

  • 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


👥 Who Are the Noticees?

  • Sanjiv Bhasin – mastermind, using media recommendations for profit

  • His cousin (Lalit Bhasin) and brother-in-law (Ashish Kapur), both linked to the brokerage arm

  • Dealers and family-linked entities including Venus Portfolios, Gemini Portfolios, HB Stockholdings

  • Dealers Rajiv Kapoor, Jagat Singh, Praveen Gupta, and other associated parties economictimes.indiatimes.com+10newindianexpress.com+10livemint.com+10


⚖️ SEBI’s Orders & Next Steps

  • All 12 individuals are barred from market participation until further notice

  • SEBI issued show-cause notices and gave 21 days to respond or seek a hearing economictimes.indiatimes.com+10newindianexpress.com+10moneylife.in+10livemint.com

  • Asset/liability freezes remain in place; SEBI may initiate permanent bans, disgorgement with interest, and penalties

  • Sanjiv Bhasin could appeal to the Securities Appellate Tribunal (SAT)


💡 Why It Matters

  • Investor Protection: SEBI signals zero tolerance for abuse of media influence and insider knowledge.

  • Regulatory Warning: High-profile enforcement warns analysts and advisors to maintain ethical standards.

  • Market Integrity: Ensures public trust in expert opinions and protects retail investors from manipulation.

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