New Delhi. Investment advisor Sanjeev Bhasin associated with IIFL Securities has come under the radar of market regulator SEBI. Bhasin has been accused of market manipulation. People associated with the case have told that SEBI has examined Bhasin’s digital devices to gather evidence.
IIFL has said that Bhasin is no longer a part of their board. He said that Bhasin’s tenure was terminated prematurely.No formal statement has come from SEBI and Bhasin in this matter. Let us tell you that Sanjeev Bhasin is a well-known name in the stock market. He is often seen advising on stocks on television channels.
According to reports, initial investigations into the matter have indicated that Bhasin would instruct a private company to buy some stocks and then recommend these stocks on TV. When enough investment was received from retail investors and the stock price increased, the company would dump the stock.
The investigation is also investigating the relationship between Bhasin and this entity. The actions being investigated by SEBI are known in market parlance as a ‘pump and dump’ scheme. Two people familiar with the matter have said that evidence recovered from the digital devices in Bhasin’s possession confirms his involvement.
