In its interim order, SEBI alleged that Bhasin, a director at IIFL Securities Ltd, manipulated stock prices by buying shares before recommending them on various television channels and social media. Once prices rose, Bhasin allegedly sold the shares for a profit.
“This is a fit case to exercise powers of passing interim order so as to insulate the securities market and to protect the unlawful gains from being dissipated,” SEBI said in its order.
The regulator directed Bhasin and 11 others to deposit the impounded amount in fixed deposit accounts with a lien marked in favour of SEBI. The individuals have also been prohibited from dealing in securities, directly or indirectly, until further notice.
The order stems from an investigation covering the period between January 2020 and June 2024, launched after three complaints alleged stock manipulation involving Bhasin. SEBI carried out search and seizure operations in June 2024 at various premises linked to the accused, including data collection from electronic devices.
Noticee No. 4, RRB Master Securities Delhi Ltd, the broker through whom Bhasin allegedly executed the trades, was also barred from proprietary trading.
Order details
- The watchdog said the parties must not dispose of or transfer any assets, including securities or mutual fund units, without prior SEBI approval.
- Additionally, banks and depositories have been instructed to block debits from the relevant accounts.
- The order serves as a show-cause notice, asking Bhasin and the other noticees why further punitive action, including permanent ban, disgorgement with interest, and monetary penalties, should not be imposed.
- The accused have been granted 21 days to file their responses and request a personal hearing.
SEBI said the findings were prima facie in nature and the investigation was ongoing. The interim directions will remain in force until further orders.
First Published: Jun 17, 2025 6:42 PM IST
