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SEBI Investigates Sanjiv Bhasin of IIFL Securities

SEBI investigates Sanjiv Bhasin of IIFL Securities for alleged market manipulation via stock recommendations on TV, prompting reduced appearances.

The Securities and Exchange Board of India (SEBI) is actively investigating Sanjiv Bhasin, formerly associated with IIFL Securities, for alleged market manipulation. Bhasin, a prominent figure on business TV channels, is under scrutiny for his involvement in a ‘pump and dump’ scheme that manipulated stock prices.

Allegations and Investigation

According to the reports, the preliminary investigations suggest that Bhasin directed a private entity to purchase certain specific stocks, which he subsequently recommended on television. This practice allegedly led to increased retail investor interest and inflated stock prices before the company unloaded its holdings. SEBI’s investigation has reportedly gathered evidence from Bhasin’s digital records, which have covered multiple years.

Regulatory Compliance

Under SEBI’s regulations, individuals making public recommendations about stocks must comply with stringent guidelines. These include refraining from trading in recommended securities thirty days prior to and five days following their public appearances. Non-compliance may result in penalties under the SEBI Act, of 1992, ranging from fines to restrictions on market activities.

Response from IIFL Securities

IIFL Securities clarified that Bhasin served as a consultant on a contractual basis and was not a member of its Board of Directors. His contract, originally scheduled to conclude on June 30, 2024, was terminated prematurely due to health reasons effective from June 17, 2024. The company stated it was unaware of the specifics of SEBI’s investigation during Bhasin’s tenure.

Recent Developments

Following the investigation, Bhasin has significantly reduced his appearances on television. Instead, he has been actively engaging with followers on social media. Queries regarding his absence from TV have notably increased since mid-June, aligning with the regulatory actions taken by SEBI.


SEBI’s investigation into Sanjiv Bhasin highlights its ongoing efforts to uphold market integrity and safeguard investors from fraudulent activities. As the probe progresses, SEBI is expected to follow its procedural norms, including issuing notices and potentially imposing penalties based on the findings and responses from all involved parties.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Experts are warning that the Reserve Bank of India’s (RBI) decision to halt IIFL Finance from issuing new gold loans could potentially slow down the gold loan market. They noted that since IIFL is a significant player in the market with partnerships with various public and private banks, other traditional gold loan providers may need to review their compliance and regulatory procedures.Varun Sharma, co-founder of NBFC Advisory, remarked, "IIFL Finance is a major gold loan provider with partnerships with banks. Following this development, other traditional gold loan providers will likely reassess their compliance and operational procedures, which could impact short-term growth.Moreover, experts highlighted that the co-lending agreements between IIFL Finance and banks will be closely monitored. DCB Bank, one of IIFL Finance’s co-lending partners, stated that its co-lending portfolio has been “satisfactory” despite the regulatory action, indicating that the lender has adhered to a thorough due diligence process.