India’s markets regulator has barred veteran media voice Sanjiv Bhasin and 11 others over a stock manipulation scheme that involved tipping stocks on TV — and selling them once prices surged.
The Securities and Exchange Board of India (Sebi) said on Tuesday that Bhasin used his clout as a frequent face on finance channels to influence stock prices for personal gain. The regulator has ordered the group to cough up a total of ₹11.37 crore — money Sebi says they made by misleading the public.
A Familiar Face, a Shadowy Setup
Bhasin wasn’t just another analyst making predictions. He was a trusted media regular, often seen giving stock tips on prime-time business shows. Viewers took his word seriously — and that trust became the problem.
While linked to IIFL as a director or consultant, Bhasin gave out stock recommendations through popular TV channels and digital platforms. But behind the scenes, he had already taken positions in the same stocks — buying them up quietly before making those bullish calls in public.
Then, just as prices jumped following his televised tips, he sold.
The Playbook: Buy Low, Tip High, Sell Fast
The setup wasn’t complex. In fact, it was disturbingly simple.
Bhasin used three trading accounts — Gemini Portfolios, Venus Portfolios, and HB Stock Holdings Ltd — to buy shares through RRB Master Securities dealers. These purchases often happened just before he appeared on air.
After recommending the same stocks on live shows, prices rose — thanks to his viewership pull. Then came the sell orders. Fast and calculated.
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Buy stocks using proxy accounts before public appearances
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Promote the same stocks via media tips
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Sell those stocks quickly after prices spike
This kind of pattern was repeated multiple times, according to Sebi’s 87-page interim order.
What the Watchdog Found
Sebi didn’t mince words in its report.
The regulator said Bhasin’s conduct amounted to “fraudulent and unfair trade practices,” and accused the group of profiting at the expense of retail investors. The trades were “pre-planned and synchronized,” Sebi noted, painting a picture of deliberate manipulation rather than coincidence.
One line from the order stood out: “The recommendations were not genuine or made in good faith.” That cuts deep.
At least one of the accounts involved had over 200 instances of buying a stock and then selling it within a short window after a public tip — all within the same script. The timing raised eyebrows.
Sebi’s analysis showed that the volume and price movements in recommended stocks significantly jumped following the appearances. The regulator cited this correlation as strong evidence of a manipulative scheme.
The Fallout: Barred, Exposed, and Broke?
The group now faces a blanket ban from accessing the securities market — not just trading, but dealing in any form. It’s a rare move and a sign of how seriously Sebi is treating the matter.
Some of the affected parties include:
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Sanjiv Bhasin
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Dealers linked to RRB Master Securities
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Key account holders in Gemini, Venus, and HB Stock Holdings
All have been told to disgorge profits. But reputational damage? That may hurt even more.
Here’s a snapshot of the fines and roles:
| Name | Role | Action Taken by Sebi |
|---|---|---|
| Sanjiv Bhasin | Stock Expert, Media Personality | Barred, ₹11.37 cr disgorgement |
| Gemini Portfolios | Trading Account Holder | Barred, Subject to penalty |
| RRB Master Securities | Trading Member, Dealers | Under Scrutiny |
| Other 10 individuals | Aided trades | Barred, Subject to order |
Not the First Time, But a Warning Shot
This isn’t Sebi’s first case involving media-based manipulation, but it’s one of the more high-profile ones. The use of television as a tool to move markets — and profit quietly from it — isn’t new, but catching it red-handed like this is rare.
It’s a reminder: financial advice, even from known faces, isn’t always neutral. Sometimes, it’s anything but.
The move also follows a global trend where regulators are cracking down on “pump-and-dump” schemes that use social media, live streams, or television to mislead investors. In the US, the SEC has pursued several similar cases against influencers and YouTubers.
This case, though, hits closer to home — with someone who was practically a household name in India’s trading circles.
What’s Next? Silence, for Now
No public statement has been made by Bhasin or IIFL yet.
The order is interim, meaning Sebi may revise it after further hearings, but for now, the ban is absolute. There’s no mention of jail time or criminal proceedings yet, but legal experts say it’s possible if Sebi refers the case to enforcement agencies.
And for thousands of retail investors who once followed his every word? There’s a bitter taste in the air.
