Sebi claims Sanjiv Bhasin ‘kingpin’ in front-running case

MUMBAI: Indian Securities and Stock Exchange Board (SEBI), during the hearing held at the Court of Securities on Friday, the former director of IIFL Sankul Assets Sanjiv Bhasin’in leading and claimed that ‘Kingpin’ in the market manipulation case.

“This is a very disgusting case.).

After the hearing, the court directed Bhasin to direct the deposit. La1 Crore in favor of Sebi. “In our opinion, the end of justice would be met by directing the appealing person (bhasin) to some deposit. La1 Crore in a fixed deposit with the foreclosure sign in favor of Sebi, ”Sat said.

Sebi’s interpretation of a petition opened by Sanjiv Bhasin in SAT is challenging the order of Bhasin on June 17, which claims that it was involved in stock manipulation.

It refers to the trade of stock or any other financial assets by a broker who escapes from the front and has information about a future transaction that is about to affect the price.

The market organizer suggested that Bhasin first bought securities at his order and then violated Sebı’s research analyst arrangements and proposed to the public on news channels, including Zee Business, Et Now and IIFL’s Telegram channel.

Sebı ordered Bhasin’s bank accounts and securities to freeze and directed him jointly with others and again to Crore again “> La11.7 Crore – Bhasin claimed that he claimed to be “sustainable ve and caused significant financial problems.

Bhasin was banned from accessing capital markets along with other assets of his cousin Lalit Bhasin.

Vikram Nankani, who appeared for Sanjiv Bhasin and rejected the allegations, said, nasıl How did they go to calculate this figure completely based on imagination. La11.37 Croreres really has no basis. “

In his 28 -page objection, Bhasin argued that he did not receive a direct monetary benefit and that no funds were released from these transactions.

Sebı called his order “based on extreme, disproportionate and incorrect calculation, and stated that some profits included in the calculation of Sebı were neither recommended nor traded for the alleged intention.

The case is part of the wider pressure on financial recommendations due to the media manipulation of the media and unprofessional conflicts of interest.