IIFL Securities Stock trade cautiously amid Sebi Probe into Sanjiv Bhasin
On June 27, IIFL Securities‘ stock recovered after falling by up to 2 percent to Rs 222 per share following reports that market regulator Sebi is investigating market expert Sanjiv Bhasin for alleged stock market manipulation.
Despite this drop, the stock has surged over 55 percent this year, outperforming the benchmark Nifty 50 index, which has risen by 9 percent during the same period.
Reports indicate that Sebi is probing allegations of market manipulation and front-running against Bhasin, examining his digital devices as part of the investigation. Front-running is an unethical practice where a broker or trader exploits pending client orders to make advantageous trades.
Bhasin’s contract with IIFL was terminated early on June 17, 2024, due to health reasons, although it was originally set to end on June 30, 2024. His termination followed his disclosure to the brokerage about Sebi’s investigation.
Bhasin, a regular market guest on a financial news channel, has frequently represented IIFL Sec on various media platforms. In a statement, IIFL Securities said, “Bhasin informed us about Sebi’s enquiry but did not disclose the details. Hence, we cannot comment. Please note that he was not a member of the board of directors of IIFL Securities Ltd or any other group company or affiliates.”
