The capital market regulator SEBI is probing stock market expert and consultant Sanjiv Bhasin of brokerage firm IIFL securities for alleged stock market manipulation.
The investigation follows the capital market regulator's earlier orders on several market experts who offered stock recommendations on television. The regulator examined digital records for evidence of pump and dump scheme run by Bhasin.
IIFL Securities clarified that Bhasin was associated with the domestic brokerage as a 'consultant' on a contractual basis and had prematurely discontinued his association last week due to health reasons. Bhasin discussed and recommended stock for to earning on various business news channels and digital media platforms.
The market regulator and watchdog preliminary investigation revealed digital records of Bhasin involvement in an elaborate “pump and dump” scheme purchasing specific stocks by a private company and later recommending those stocks on news channels and digital media platforms to traders.
Earlier this year, Sebi had barred 10 entities, including market experts, research analysts, and guests appearing on a TV channel, from the securities market for allegedly indulging in fraudulent activities by ‘influencing innocent investors’. The regulator had pegged the unlawful gains at Rs 7.5 crore.
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