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Economic Times
4 days ago
- Business
- Economic Times
From stock tips to astro tips! Sanjiv Bhasin turned astrologer before Sebi ban
Bhasin allegedly would buy stocks in advance, then plug them on national television and Telegram groups, leading to a spike in prices. Synopsis Sanjiv Bhasin, once a prominent stock market voice, turned to astrology on social media just months before SEBI barred him in a stock manipulation case. The regulator has accused Bhasin of front-running trades and misleading investors, ordering disgorgement of Rs 11.37 crore in alleged gains. In a bizarre turn of events, Sanjiv Bhasin, once a high-profile face of IIFL Securities and a household name among stock tip enthusiasts, had started dishing out astrology-based life advice on social media — just months before the Securities and Exchange Board of India (SEBI) barred him in a high-stakes pump-and-dump case. ADVERTISEMENT SEBI's ex-parte interim order, issued Tuesday, accuses Bhasin and 11 others of manipulating stock prices by front-running — buying shares ahead of his televised recommendations and selling them at a profit once the retail herd piled in. The regulator has ordered the disgorgement of Rs 11.37 crore in alleged ill-got gains. But before the crackdown came the cosmic twist. After SEBI conducted search and seizure operations at multiple locations linked to Bhasin in the National Capital Region on June 13–14, 2024, he quietly exited IIFL. Then came the reinvention: Bhasin resurfaced on social media not as a market veteran, but as a self-styled astrologer.'Mars to enter Leo tomorrow after almost 9 months, could be the big change you were looking forward to,' reads one of his more recent posts on X, where he commands a follower base of over 322,000. His X account is now labelled with titles like 'Market Guru, Mundane Astrology, Fate & Freewill, Sense & Sensibility.' Bhasin offers consultations on relationships, careers, and investments through the lens of planetary alignments. ADVERTISEMENT He even ventured into geopolitical clairvoyance, predicting civil unrest and splits in Pakistan by end-May based on its national horoscope. The forecast, obviously, didn't come Read | Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation ADVERTISEMENT Back in the real world, SEBI's investigation paints a damning picture. The regulator uncovered WhatsApp chats and audio files that allegedly reveal Bhasin's modus operandi: he would buy stocks in advance, then plug them on national television and Telegram groups, leading to a spike in prices. Once retail investors jumped in, Bhasin would quickly exit, booking profits in a classic "buy today, sell tomorrow" strategy.'These trades prima facie show that Sanjiv Bhasin was not genuine about his recommendations,' SEBI said in the order. 'Investors would have invested their hard-earned money believing the advice to be research-backed, only to be deceived.' ADVERTISEMENT In perhaps its strongest rebuke in recent times, the regulator said, 'SEBI cannot remain a mute spectator when fraudulent and manipulative activities take place in the securities market by personalities who are actually revered… and have a huge following on social media platforms.'For now, the man who once moved stocks with his TV picks is watching Mars, not midcaps. But with SEBI's eye firmly trained on influencer-led manipulation, it's clear that no amount of astrological deflection will soften the consequences. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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Time of India
4 days ago
- Business
- Time of India
From stock tips to astro tips! Sanjiv Bhasin turned astrologer before Sebi ban
In a bizarre turn of events, Sanjiv Bhasin, once a high-profile face of IIFL Securities and a household name among stock tip enthusiasts, had started dishing out astrology-based life advice on social media — just months before the Securities and Exchange Board of India (SEBI) barred him in a high-stakes pump-and-dump case. SEBI's ex-parte interim order, issued Tuesday, accuses Bhasin and 11 others of manipulating stock prices by front-running — buying shares ahead of his televised recommendations and selling them at a profit once the retail herd piled in. The regulator has ordered the disgorgement of Rs 11.37 crore in alleged ill-got gains. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Linda Kozlowski, 67, Shows Off Her Perfect Figure In A New Photo Today's NYC Undo But before the crackdown came the cosmic twist. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. After SEBI conducted search and seizure operations at multiple locations linked to Bhasin in the National Capital Region on June 13–14, 2024, he quietly exited IIFL. Then came the reinvention: Bhasin resurfaced on social media not as a market veteran, but as a self-styled astrologer. 'Mars to enter Leo tomorrow after almost 9 months, could be the big change you were looking forward to,' reads one of his more recent posts on X, where he commands a follower base of over 322,000. His X account is now labelled with titles like 'Market Guru, Mundane Astrology, Fate & Freewill, Sense & Sensibility.' Bhasin offers consultations on relationships, careers, and investments through the lens of planetary alignments. Live Events — sanjiv_bhasin (@sanjiv_bhasin) He even ventured into geopolitical clairvoyance, predicting civil unrest and splits in Pakistan by end-May based on its national horoscope. The forecast, obviously, didn't come true. Also Read | Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation Back in the real world, SEBI's investigation paints a damning picture. The regulator uncovered WhatsApp chats and audio files that allegedly reveal Bhasin's modus operandi: he would buy stocks in advance, then plug them on national television and Telegram groups, leading to a spike in prices. Once retail investors jumped in, Bhasin would quickly exit, booking profits in a classic "buy today, sell tomorrow" strategy. 'These trades prima facie show that Sanjiv Bhasin was not genuine about his recommendations,' SEBI said in the order. 'Investors would have invested their hard-earned money believing the advice to be research-backed, only to be deceived.' In perhaps its strongest rebuke in recent times, the regulator said, 'SEBI cannot remain a mute spectator when fraudulent and manipulative activities take place in the securities market by personalities who are actually revered… and have a huge following on social media platforms.' For now, the man who once moved stocks with his TV picks is watching Mars, not midcaps. But with SEBI's eye firmly trained on influencer-led manipulation, it's clear that no amount of astrological deflection will soften the consequences.
Economic Times
4 days ago
- Business
- Economic Times
Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation
SEBI has barred Sanjiv Bhasin, ex-director at IIFL Securities, and 11 others for alleged stock manipulation. Bhasin reportedly bought securities before recommending them on media channels, profiting from subsequent price increases. He has been directed to disgorge ill-gotten gains of ₹11.37 crore following a Sebi investigation that uncovered evidence of fraudulent trading. Tired of too many ads? Remove Ads Mumbai: The Securities and Exchange Board of India ( Sebi ) on Tuesday barred Sanjiv Bhasin , a former director at IIFL Securities , and 11 others for their alleged involvement in stock manipulation . Sebi in an ex-parte interim order alleged that Bhasin while being associated with IIFL Securities used to provide stock recommendations on media channels and investigation revealed that, prior to his appearances on media channels, Bhasin would first buy securities himself, then would recommend the same securities to public on news channels. Once prices of securities increased after his recommendations, Bhasin would sell the securities and make a profit. Sebi alleged that Bhasin manipulated the prices of securities and made ill-gotten gains. It has directed them to disgorge ill-gotten gains of ₹11.37 June last year, Sebi conducted a search and seizure operation across multiple locations in NCR (national capital region) which led to discovery of critical evidence including WhatsApp chats and audio recordings that revealed the modus operandi used by Bhasin in operating the fraudulent scheme of creating contrary position of his own recommendations in the form of BTST (buy today sell tomorrow). The regulator's probe also revealed that Lalit Bhasin, a cousin of Sanjiv assisted him at times in placing the alleged fraudulent trades.
Time of India
4 days ago
- Business
- Time of India
Sebi bars Sanjiv Bhasin and 11 others for alleged stock manipulation
SEBI has barred Sanjiv Bhasin, ex-director at IIFL Securities, and 11 others for alleged stock manipulation. Bhasin reportedly bought securities before recommending them on media channels, profiting from subsequent price increases. He has been directed to disgorge ill-gotten gains of ₹11.37 crore following a Sebi investigation that uncovered evidence of fraudulent trading. Tired of too many ads? Remove Ads Mumbai: The Securities and Exchange Board of India ( Sebi ) on Tuesday barred Sanjiv Bhasin , a former director at IIFL Securities , and 11 others for their alleged involvement in stock manipulation . Sebi in an ex-parte interim order alleged that Bhasin while being associated with IIFL Securities used to provide stock recommendations on media channels and investigation revealed that, prior to his appearances on media channels, Bhasin would first buy securities himself, then would recommend the same securities to public on news channels. Once prices of securities increased after his recommendations, Bhasin would sell the securities and make a profit. Sebi alleged that Bhasin manipulated the prices of securities and made ill-gotten gains. It has directed them to disgorge ill-gotten gains of ₹11.37 June last year, Sebi conducted a search and seizure operation across multiple locations in NCR (national capital region) which led to discovery of critical evidence including WhatsApp chats and audio recordings that revealed the modus operandi used by Bhasin in operating the fraudulent scheme of creating contrary position of his own recommendations in the form of BTST (buy today sell tomorrow). The regulator's probe also revealed that Lalit Bhasin, a cousin of Sanjiv assisted him at times in placing the alleged fraudulent trades.
Mint
4 days ago
- Business
- Mint
Sebi bars Sanjiv Bhasin, 11 others for fraudulent trading, orders impounding ₹11.37 crore
Mumbai: The market regulator has barred former IIFL Securities director Sanjiv Bhasin and 11 others from securities trading for allegedly engaging in coordinated fraudulent trading by placing orders ahead of offering stock recommendations on television and social media. The Securities and Exchange Board of India (Sebi) also directed impounding of ₹ 11.37 crore from the 12 noticees—representing alleged unlawful gains from the scheme—according to the regulator's ex-parte interim order issued on Tuesday. Bhasin was associated with IIFL as a director between April 2017 and November 2022 and later as a consultant until June 2024. During this period, he offered stock recommendations that were disseminated to clients via IIFL's Telegram channel and trading platforms. Sebi alleged that Bhasin placed buy orders through trading accounts of related entities—including Venus Portfolios, Gemini Portfolios, and HB Stockholdings—shortly before recommending the same stocks on business channels such as CNBC Awaaz, Zee Business, ET Now, and IIFL's Telegram channel. 'Once prices of securities increased after his recommendations, Sanjiv Bhasin used to sell the securities, thereby making a profit,' said Sebi whole-time member Kamlesh Varshney in the 149-page order. 'Accordingly, he manipulated the price of securities and made ill-gotten gains.' The findings are based on a probe covering January 2020 to June 2024. According to Sebi, the trades were routed through RRB Master Securities, a brokerage firm managed by Bhasin's cousin Lalit Bhasin and his brother-in-law Ashish Kapur. The order states that Bhasin regularly coordinated with RRB dealers before making his recommendations. In one instance, on 11 January 2022, he recommended shares of L&T Technology Services live on Zee Business. Sebi observed that 'he had already accumulated 3,800 shares via futures contracts earlier in the day at ₹ 5,641.8 per share,' and squared off the position immediately after the broadcast at ₹ 5,677.79, booking a profit of ₹ 1.36 lakh. Sebi's investigation included phone call transcripts showing Bhasin giving precise instructions to dealers on price and quantity, often minutes before his public appearances. 'He used to recommend majorly 'buy' recommendations in certain scrips on TV Channels, which included those scrips in which he had already taken huge buy positions. Thereafter, contrary to his own buy recommendations given to the viewers en masse, he would give instructions to carry out opposite trades (sell),' the order stated. On 7 February 2024, Bhasin issued a 'special stock pick' for Parag Milk Foods at ₹ 210–220 with a 31-day target of ₹ 300. Sebi found he had already acquired 51,500 shares through HB Stockholdings and sold them on the same day at ₹ 235.45, realising a profit of ₹ 8.4 lakh. The regulator cited WhatsApp messages in which Bhasin sought trade confirmations and directed that profits be recorded. Sebi also highlighted that while IIFL Securities is a registered research analyst and investment adviser, Bhasin was not individually registered in either capacity. Pending final directions, Sebi has restrained all 12 noticees from buying, selling, or dealing in securities, either directly or indirectly. They have been given 21 days to respond and request a personal hearing. 'Investors would have invested their hard-earned money on his recommendation... only to be deceived by such manipulative advice wherein the advisor himself is squaring off all his positions to make huge gains at the cost of their investments,' the order said. IIFL Securities, in a statement, said Bhasin was associated with the firm as a contractual consultant. 'His term was to end on June 30, 2024. However, due to health reasons, Bhasin's contract has been discontinued prematurely with effect from June 17, 2024,' a spokesperson said, adding that 'he was not a member of the Board of Directors of IIFL Securities Limited or any other group company or affiliates.' The firm said it was not aware of the full details of the Sebi order and was unable to comment. The order can be appealed before the Securities Appellate Tribunal (SAT). Legal experts suggested that Bhasin's legal team may challenge Sebi's findings by disputing the causal link between his recommendations and the trades, or by denying control over the relevant accounts. "They may argue his television appearances were general market commentary rather than formal advice under Sebi's Research Analyst Regulations. They may also cite an organisational separation between his role and the trading activity", said Nirali Mehta, partner at Mindspright Legal. However, given the volume of evidence cited by Sebi, such arguments—similar to those rejected in the Hemant Ghai case—may be difficult to sustain, Mehta said. Lawyers specialising in securities regulation emphasized that the case signalled a broader shift in enforcement priorities. 'The SEBI interim order in the Sanjiv Bhasin matter gives a clear message: media visibility, when misused, can constitute market abuse,' she said. 'Sebi is now signalling that public-facing experts will be held to the same standard as insiders and regulated entities.' Mehta noted that under the Research Analyst Regulations, 'even recommendations on WhatsApp and Telegram are treated as public appearances subject to registration, disclosures, and trading restrictions.' She said experts may shift toward broader analysis, educational content, or more prominent disclaimers. 'While this curbs manipulative advice, it could also narrow the range and speed of commentary. Still, the real focus is not on silencing opinion but on penalising those who misuse their influence for personal gain.' While no action has been taken against the television channels that featured Bhasin, Mehta said, 'the regulatory direction suggests rising expectations around platform accountability'.
