India regulator bars former IIFL executive from markets over alleged stock manipulation
June 17 (Reuters) - India's markets regulator on Tuesday barred former director at IIFL Securities Sanjiv Bhasin from the securities markets for allegedly making misleading stock recommendations on television and social media platforms.
The Securities and Exchange Board of India (SEBI) in an interim order alleged that Bhasin bought shares and then promoted those stocks on business news channels like Zee Business and ET Now, as well as on IIFL's Telegram channel.
After his public recommendations drove up the stock prices, he is said to have sold his holdings for profit, according to SEBI.
A message sent to Bhasin, whose contract with IIFL ended in June 2024, seeking comment on the SEBI order was not immediately answered. IIFL Securities also did not immediately respond to Reuters' request for comment.
SEBI said that it had investigated Bhasin's stock recommendations and trading activity from January 01, 2020, to June 12, 2024.
The regulator also ordered to impound 113.7 million rupees($1.3 million) of "unlawful" gains from Bhasin and others who facilitated his activities.
($1 = 86.3010 Indian rupees)
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