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Sanjiv Bhasin challenges Sebi order at SAT
Sanjiv Bhasin, ex-director at IIFL Securities, and 11 others have been banned by SEBI for manipulating the stock market.
According to SEBI, Bhasin bought shares before hyping them up on TV and Telegram, causing prices to jump.
Investigators found WhatsApp chats and audio recordings revealing how the group worked together—Bhasin's cousin Lalit was also involved.
Bhasin challenging ban in court
SEBI says this scheme misled investors and brought in illegal profits of ₹11.37 crore.
Bhasin is now challenging the ban in court, saying he didn't actually benefit from these trades and that some profits aren't linked to him.
The Securities Appellate Tribunal will hear his appeal soon, with others named in the case filing their own challenges too.