Market regulator Securities and Exchange Board of India (SEBI) has barred prominent stock market commentator Sanjiv Bhasin—a familiar face on top business news channels—from participating in the securities market over his alleged role in a front-running racket that manipulated stock prices to reap illegal profits. Eleven others, including Mr Bhasin’s close associates, family members and related entities, have also been prohibited from trading until further notice.
In the order, Kamlesh C Varshney, whole-time member (WTM) of SEBI says, "In the facts of the present case, wherein, Mr Bhasin is the mastermind of the manipulative and fraudulent scheme, and all other noticees have played different roles in the scheme, they shall be held liable jointly and severally for impounding the unlawful gains made as per Table 100. Given the peculiar facts and circumstances of the case and legal principles enunciated by the securities appellate tribunal (SAT) in a number of cases, I deem it appropriate to hold that noticees shall be jointly and severally liable for the impounding of unlawful gains made by them as per the table."
"It has been shown with the help of numerous examples that how the positions earlier taken by the dealers of RRB Master on the basis of recommendations given by Sanjiv Bhasin were immediately reversed by the dealers as soon as the views of such recommendations were aired on the media channels, and huge profits were made at the cost of gullible investors driving the price and volume believing the recommendations to be genuine and true...SEBI cannot remain a mute spectator when such kind of fraudulent and manipulative activities take place in the securities markets by personalities who are actually revered in the securities markets domain and have a huge following on various social media platforms," the WTM says in the order.
SEBI notes that Mr Bhasin’s wide visibility—with over 410,000 YouTube subscribers and 320,000 followers on X (formerly Twitter)—meant his recommendations carried significant weight. He was even signed by the Times group in October 2023 for exclusive appearances on ET Now and ET Now Swadesh due to his popularity among Hindi and English-speaking retail investors.
Despite offering 'long-term' recommendations, Mr Bhasin often exited positions within minutes after the stock spiked—a practice SEBI classified as deceptive and manipulative.
SEBI’s interim order, issued on 18 June 2025, alleges that Mr Bhasin misused his media presence and market stature to influence retail investors. Before recommending certain stocks on popular TV channels and social media, he or his associates purchased shares, and then sold them at higher prices once public buying pressure inflated the price—a textbook case of front-running, according to the regulator.
Between January 2020 and June 2024, Mr Bhasin, who served as director at IIFL Securities, appeared regularly on networks like CNBC Awaaz, ET Now, Zee Business and others. On these platforms, he made stock recommendations while being introduced as an IIFL executive, adding credibility to his calls.
However, SEBI found that he traded in the same stocks just before making recommendations—using accounts linked to closely held companies such as Venus Portfolios Pvt Ltd, Gemini Portfolios Pvt Ltd, HB Stockholdings Ltd, and Leo Portfolios Pvt Ltd. These accounts were operated through RRB Master Securities Delhi Ltd, a brokerage whose promoters and directors include Mr Bhasin’s cousin Lalit Bhasin and brother-in-law Ashish Kapur.
Once the price of these stocks surged, often within minutes of his televised recommendations, Mr Bhasin and his circle allegedly offloaded the shares to unsuspecting investors chasing the rally.
Though IIFL is a SEBI-registered research analyst (RA) and investment adviser (IA), Mr Bhasin was not individually registered in either capacity. SEBI highlighted this as a violation, especially given that Mr Bhasin’s investment views were broadcast widely under the IIFL brand.
- Lalit Bhasin, cousin of Sanjiv and director of RRB Master, allegedly authorised trades in client accounts like Venus and Gemini, where he held controlling stakes.
- Ashish Kapur, brother-in-law to Lalit, was the managing director (MD) of RRB Master and is accused of mirroring Mr Bhasin’s trades in his personal and proprietary accounts.
- Dealers Rajiv Kapoor and Jagat Singh placed orders on Mr Bhasin’s instructions and allegedly engaged in similar trades for personal gain.
- Praveen Gupta, an authorised signatory at RRB Master, and his wife Babita Gupta are also implicated for profiting from the scheme.
- SEBI also pointed to WhatsApp chats, call records, and data from seized electronic devices as proof that Mr Bhasin coordinated trades just before making public recommendations.
SEBI’s analysis revealed that these noticees executed nearly 40,000 trades during the period in question, 98% of which were on the National Stock Exchange (NSE), mostly in the cash and stock futures segments.
The regulator concluded that the group made unlawful gains worth Rs11.37 crore which has now been impounded. SEBI ordered that the amount be kept in fixed deposits with a lien in its favour to prevent dissipation.
All 12 entities, including Sanjiv Bhasin, are barred from accessing the securities market until further notice. They cannot dispose or transfer any assets, including mutual fund units or securities. Banks and depositories have been instructed to block debit operations in the involved accounts.
SEBI also issued a show-cause notice (SCN), asking why further action including a permanent ban, disgorgement with interest, or monetary penalties should not be initiated against these people.
The regulator clarified that this is a prima facie finding and the investigation is still ongoing. However, it stressed that the interim order was necessary to protect retail investors and the integrity of the securities market.
"If such fraudulent and manipulative trade practices are not looked down upon by the regulator of the capital markets, proper message would not go to violators and the faith of investors would be shaken. Thus, it becomes imperative that through interim orders such as the instant one, deterrence is created in the mind of violators to avoid adopting such strategies. At the same time, there is a message required to be given that the regulator is watchful of all such unlawful activities. These steps are essential to ensure that trust of investors is maintained," SEBI says.
