What is Sanjiv Bhasin's alleged front-running scam all about
Sanjiv Bhasin, ex-director at IIFL Securities, is in hot water with Sebi for allegedly front-running stocks between 2020 and 2023.
Basically, he's accused of buying shares before hyping them up on TV channels like Zee Business and ET Now—and on Telegram—to boost prices and pocket illegal profits.
Bhasin's pushback
On June 17, [correct year], Sebi froze Bhasin's accounts and banned him (and his associates) from trading. They're also looking to recover ₹11.37 crore in alleged illegal gains.
At a tribunal hearing on July 31, Sebi called Bhasin the "kingpin" behind the scheme and ordered him to deposit ₹1 crore as security.
Bhasin has pushed back hard—he says he didn't make any unlawful profits and calls Sebi's numbers baseless.
The investigation is ongoing, so this story isn't over yet.
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