SEBI probing Sanjiv Bhasin for alleged market manipulation

The market expert was allegedly involved in a ‘pump and dump’ scheme along with a private company.

Market commentator Sanjiv Bhasin—formerly associated with IIFL Securities—has come under the scanner of regulator Securities and Exchange Board of India over alleged market manipulation, Moneycontrol reported on Wednesday, citing people familiar with the ongoing probe.

Initial investigations by SEBI suggest that Bhasin, who regularly appears on TV channels, would basically direct a private company to buy certain stocks and then recommend the same stocks on TV. Once the recommendation piqued retail interest and, as a consequence, pushed stock prices up, the private company would then dump the stock making gains.

Such manipulation is referred to as a “pump and dump” …

Author

Maanav D J

Maanav is a trainee journalist at The Morning Context. He studied journalism and international relations at St. Joseph’s in Bengaluru.

Trainee journalist

maanav@mailtmc.com