SEBI levies Interim Ban on HB Stockholdings in Front-Running Probe Linked to Sanjiv Bhasin

Image Source: Free Press Journal

The Securities and Exchange Board of India (SEBI) has passed an interim ex-parte order against HB Stockholdings Ltd., making it one of 12 others under an alleged front-running and market manipulation syndicate operated by market commentator Sanjiv Bhasin. The order dated June 17, 2025, accuses Bhasin of artificially inflating shares he had already purchased using his media interviews and Telegram handles to enable illegal profits of ₹11.37 crore in the syndicate.

HB Stockholdings is also classified as a "profit maker" in the 149-page order, and it requires the company and other noticees not to use the securities market, freeze bank and demat accounts, and impound the suspected gains. Electronic maintenance of records and filing of asset inventories within 21 days is also required by the order.

Key Highlights:

Entity concerned: HB Stockholdings Ltd. has been called a "profit maker" in SEBI's order
Accusation: Obtained from stock recommendations broadcasted by Sanjiv Bhasin prior to public transmission
Regulatory measure: Temporary prohibition, freezing of assets, and confiscation of profits
Total illegal proceeds: ₹11.37 crore from all noticees
Next steps: Parties can request a hearing and are required to submit asset disclosures