Introduction

Sanjiv Bhasin's rise to fame can be attributed to his articulate and confident communication style, which resonated with his audience. He leveraged social media platforms, particularly YouTube, to share his market insights, analysis, and recommendations with a wider audience. His channel quickly gained popularity, with millions of subscribers tuning in to his videos for guidance on navigating the complex world of stocks.

Bhasin's firm, which offered stock market advisory services, also experienced rapid growth. His team of analysts and researchers worked tirelessly to provide investors with actionable recommendations, and the firm's client base expanded exponentially. Bhasin's success story was an inspiration to many, and he became a celebrated figure in the financial community.

As a renowned stock market analyst and YouTuber,Sanjiv Bhasin has built a massive following, with many investors and traders seeking his advice on market trends and investment opportunities. However, his meteoric rise to fame was recently marred by a scandal that led to restrictions being imposed on him and his firm by the Securities and Exchange Board of India (SEBI).Few episodes in India’s capital‐markets history have rattled investor confidence and regulatory resolve like the allegations against Sanjiv Bhasin. Over a trading career that spanned nearly four decades, Bhasin earned respect as an expert commentator and his stock “picks” on CNBC Awaaz, Zee Business and IIFL Telegram enjoyed high visibility. Yet between January 2020 and June 2024, the Securities and Exchange Board of India (SEBI) alleges, he repeatedly crossed the line from analysis into manipulation. In June 2025, SEBI issued an ex‐parte order barring him (and eleven associates) from the securities market, freezing their bank and demat accounts and impounding some ₹11.4 crore of illicit gains.

About Sanjiv Bhasin

Sanjiv Bhasin's journey in the financial world began several decades ago. With a strong educational background in finance and a keen interest in the stock market, Bhasin started his career as a research analyst. Over the years, he honed his skills and built a reputation as a knowledgeable and insightful market expert. His ability to predict market trends and identify profitable investment opportunities earned him a loyal following among investors and traders.

Born in Mumbai and armed with a chartered‐accountancy credential and partial LLB studies, Sanjiv Bhasin entered the trading arena in 1985.Between 1992 and 2010, Bhasin recommended early bets on Wipro, Dr. Reddy’s and Infosys calls that paid off handsomely amid the IT boom. In April 2017, Bhasin accepted an invitation by IIFL Securities to serve as Director tasked with leading the firm’s Equity Strategy desk and appearing regularly on national business channels.

By the late 2010s, his name alone could move 10-15 basis points in actively traded scrips. Newspapers and TV shows sought him out for contrarian takes, confident his narrative matched the numbers. Yet unlike many analysts, Bhasin was never formally registered as a research analyst under SEBI’s code of conduct relying instead on “expert‐shareholder” status to skirt certain disclosure requirements. That regulatory gray zone, investigators alleges, became fertile ground for abuse.

The SEBI Restrictions

However, on August 6, 2024, SEBI imposed restrictions on Sanjiv Bhasin and his firm, citing violations of regulatory norms. According to SEBI's investigation, Bhasin had allegedly made misleading claims and failed to disclose important information to his clients. The regulator found that Bhasin's firm had not maintained proper records, and his advisory services had not been transparent.

The restrictions imposed by SEBI included a ban on Bhasin's firm from offering stock market advisory services for a specified period. Additionally, Bhasin himself was prohibited from associating with any SEBI-registered intermediary or entity providing investment advice.

Allegations and Findings

SEBI's investigation into Sanjiv Bhasin's activities reportedly revealed several irregularities. Some of the key allegations included:

1. Misleading Claims: Bhasin's firm was alleged to have made exaggerated claims about its advisory services, including promises of guaranteed returns and assured profits. These claims were found to be misleading and created unrealistic expectations among clients.

2. Lack of Disclosure: SEBI found that Bhasin's firm had failed to disclose important information to clients, including conflicts of interest, risks associated with investments, and the methodology used to arrive at recommendations.

3. Inadequate Record-Keeping: The regulator discovered that Bhasin's firm had not maintained proper records of client interactions, investment recommendations, and transactions. This lack of documentation made it difficult to track the firm's activities and ensure compliance with regulatory norms.

A Front-Running Scheme

At the heart of SEBI’s case is a classic front-running play: buy shares ahead of a public tip, sell once the crowd drives prices up, pocket the spread. But the devil lay in the details. SEBI documents describe coordinated trading through three related entities Venus Portfolios, Gemini Portfolios and HB Stockholdings whose accounts at RRB Master Securities (a brokerage linked to Bhasin’s relatives) amassed large positions minutes before Bhasin’s “buy” recommendations aired.

1. Premeditated Positioning: On numerous occasions, SEBI says, Bhasin would text RRB dealers the exact quantity and price range for a script ten to fifteen minutes before going live on television. Those purchases often totaled tens of thousands of shares or futures contracts.

2. Public Broadcast: At scheduled slots on CNBC Awaaz or ET Now, or in IIFL’s Telegram channel, Bhasin would unveil a bullish thesis citing management upgrades, sector tailwinds or attractive valuations. Retail investors, trusting his track record, rushed in.

3. Profit Booking: As the stock spiked 3–5 percent in the immediate wake of his broadcast, the related entities quietly started selling into the rally. Within 20–30 minutes of the first tip, Bhasin’s circle would realize mark-to-market gains.

SEBI’s interim order details at least 27 such instances over a 42-month period, alleging unlawful gains aggregating ₹11.37 crore.

Case Studies: Two High-Profile Trades

1. L&T Technology Services (11 January 2022)

• Pre-tip accumulation: 3,800 futures contracts at ₹5,641.80 each in Venus Portfolios account.

• Broadcast: Zee Business at 3 pm, labeling the stock a “hammer rally” candidate after strong order inflows.

• Post-tip sale: Off-loading the entire lot at an average ₹5,677.79 by 3:25 pm.

• Net gain: Approximately ₹1.36 lakh in under half an hour.

2. Parag Milk Foods (7 February 2024)

• Pre-tip accumulation: 51,500 shares across Gemini Portfolios at ₹210–₹220.

• Broadcast: CNBC Awaaz at 10 am, hailing “transformative capex” and profit‐margin expansion.

• Post-tip sale: Complete exit at an average ₹235.45 by 10:45 am.

• Net gain: Roughly ₹8.4 lakh realized in 45 minutes.

In both cases, the directional bias, timing and execution all point to a deliberate scheme rather than coincidental alignment of analysis and profit.

Interim Restrictions and Asset Freeze

SEBI’s interim order imposed sweeping restrictions to prevent dissipation of assets:

• Market Ban : Bhasin and the eleven associates are barred from buying, selling or dealing in securities, directly or indirectly, until further order.

• Account Freezes : All bank and demat accounts held by the notices have been frozen . No withdrawals, margin transfers or redemptions without SEBI’s express permission. Credits (dividend, interest) may flow in but cannot be withdrawn.

• Asset Preservation : Real estate, vehicles and other marked assets fall under SEBI’s purview; transfers require regulatory concurrence.

• Show-Cause and Hearing : Notices have 21 days to file replies or seek personal hearings. SEBI reserves the right to convert interim measures into final directions based on the responses and additional evidence.

Lessons Learned and the Road Ahead

1. Investor Education : Retail players must learn to triangulate tips with independent research. No expert is infallible.

2. Platform Due Diligence : Media outlets should mandate pre-appearance disclosures and post-broadcast trade logs from guests.

3. Regulatory Clarity : SEBI could codify “influencer guidelines” defining when public commentary triggers analyst registration.

4. Technology Aids : Surveillance using AI‐driven pattern recognition can flag pre-tip trades in real time speeding up interventions.

5. Ethical Standards : Industry bodies should craft a voluntary code of conduct for market commentators, with peer-reviewed assessments.

Conclusion

In response to the SEBI restrictions, Sanjiv Bhasin maintained that he had done nothing wrong and would cooperate with the regulator to clear his name. He argued that his firm had always acted in the best interests of its clients and had followed industry best practices.The Sanjiv Bhasin case serves as a reminder that even the most successful and influential figures in the financial world can fall foul of regulatory norms. As the case continues to unfold, it will be closely watched by investors, regulators, and industry stakeholders. Ultimately, the outcome will have important implications for the future of financial advisory services in India and the protection of investors.