SEBI bars Bhasin from stock mkt; to impound INR 114 mln of 'unlawful gains'
This story was originally published at 19:20 IST on 17 June 2025
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NEW DELHI – The Securities and Exchange Board of India Tuesday barred prominent television personality Sanjiv Bhasin from trading in the securities market after an investigation into his stock recommendations and personal activities showed him and related personnel making unlawful gains of INR 113.72 million through alleged violations. The market regulator called Bhasin the "mastermind of the manipulative/fraudulent scheme".
Bhasin appeared on television channels including CNBC Awaaz, CNBC-TV18, ETNow to give his views on the securities market. He also provided specific recommendations, all while his designation was "Director, IIFL," SEBI noted.
Complainants had claimed that Bhasin traded through RRB Master Securities Delhi Ltd. First, he bought securities through this firm, then recommended them on television channels and his social media channels. Once the prices of the securities went up, Bhasin allegedly sold the securities to make a profit.
"The Noticee No. 1 (Sanjiv Bhasin) devised the prima facie fraudulent and manipulative scheme and was actively assisted by Enablers (other persons and companies under investigation," SEBI said.
"Undeniably, Noticees have made total unlawful gains to the tune of 11.37 crores (INR 113.7 million)...which would need to be impounded to keep the integrity of the securities markets intact and to punish the wrongdoers for the same," SEBI said. "...it cannot be denied that unlawful profits have actually been made by Noticees by incorporating fraudulent strategies and placing trades on the advice of Noticee No. 1 (Bhasin) contrary to recommendations given by him on Media Channels," SEBI added.
According to SEBI's investigation, Bhasin used to trade through RRB Master Securities in the accounts of its clients including Gemini Portfolios Pvt. Ltd. and HB Stockholdings Ltd., contrary to recommendations made by him on various television channels listed above. Venus Portfolios, Gemini Portfolios, HB Stockholdings, Leo Portfolios Ltd., and Babita Gupta profited from Bhasin's alleged fraudulent scheme, SEBI said. Bhasin's cousin Lalit Bhasin was the executive director of HB Stockholdings, a listed entity, and was the authorised signatory for placing orders for this company with RRB Master Securities.
The regulator has asked the noticees including Bhasin and his cousin to deposit the INR 113.72 million in a fixed deposit, which will not be released without its permission. End
Reported by Anand JC
Edited by Ashish Shirke
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