IIFL’s Market Maestro Steps Down—Timing Sparks Speculation

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IIFL Securities announced the premature termination of Sanjiv Bhasin's contract on June 17 on grounds of ill health. The decision, however, comes during an open SEBI investigation into charges of market manipulation, and now even the timing of his departure is questioned.

Key developments:

Sanjiv Bhasin, a well-known market expert, was a consultant with IIFL Securities. His contract was set to end on June 30 but was brought forward.

SEBI has barred Bhasin and 11 others from the securities market, citing violations related to stock recommendations and alleged fraudulent gains amounting to Rs 11.37 crore.

Investigations revealed that Bhasin allegedly took positions in stocks before recommending them on media platforms, profiting from subsequent price surges.

SEBI’s interim order mandates the impounding of unlawful gains and restricts the accused from trading or disposing of assets without prior approval.

A search and seizure operation conducted in June 2024 uncovered vital evidence, which consisted of WhatsApp messages and audio recordings, detailing the so-called scheme.

IIFL Securities confirmed receiving a notice from Bhasin about the SEBI inquiry but did not release minute details.

The unfolding situation has left eyebrows raised in the financial community, with market participants eagerly watching what SEBI would do next. The accused have 21 days to respond to the charge and request a hearing.

Sources: Financial Express, Business Standard, CNBC TV18, Rediff Money, Fortune India.