SEBI’s ex-parte interim order, issued Tuesday, accuses Bhasin and 11 others of manipulating inventory costs by front-running — shopping for shares forward of his televised suggestions and promoting them at a revenue as soon as the retail herd piled in. The regulator has ordered the disgorgement of Rs 11.37 crore in alleged ill-got features.
However earlier than the crackdown got here the cosmic twist.
After SEBI performed search and seizure operations at a number of areas linked to Bhasin within the Nationwide Capital Area on June 13–14, 2024, he quietly exited IIFL. Then got here the reinvention: Bhasin resurfaced on social media not as a market veteran, however as a self-styled astrologer.
“Mars to enter Leo tomorrow after virtually 9 months, may very well be the massive change you have been trying ahead to,” reads one among his newer posts on X, the place he instructions a follower base of over 322,000. His X account is now labelled with titles like “Market Guru, Mundane Astrology, Destiny & Freewill, Sense & Sensibility.” Bhasin gives consultations on relationships, careers, and investments by the lens of planetary alignments.
https://x.com/sanjiv_bhasin/standing/1916509985132994837He even ventured into geopolitical clairvoyance, predicting civil unrest and splits in Pakistan by end-Might primarily based on its nationwide horoscope. The forecast, clearly, didn’t come true.Additionally Learn | Sebi bars Sanjiv Bhasin and 11 others for alleged inventory manipulation
Again in the actual world, SEBI’s investigation paints a damning image. The regulator uncovered WhatsApp chats and audio recordsdata that allegedly reveal Bhasin’s modus operandi: he would purchase shares upfront, then plug them on nationwide tv and Telegram teams, resulting in a spike in costs. As soon as retail buyers jumped in, Bhasin would rapidly exit, reserving income in a traditional “purchase at this time, promote tomorrow” technique.
“These trades prima facie present that Sanjiv Bhasin was not real about his suggestions,” SEBI mentioned within the order. “Traders would have invested their hard-earned cash believing the recommendation to be research-backed, solely to be deceived.”
In maybe its strongest rebuke in current occasions, the regulator mentioned, “SEBI can’t stay a mute spectator when fraudulent and manipulative actions happen within the securities market by personalities who’re really revered… and have an enormous following on social media platforms.”
For now, the person who as soon as moved shares together with his TV picks is watching Mars, not midcaps. However with SEBI’s eye firmly educated on influencer-led manipulation, it’s clear that no quantity of astrological deflection will soften the implications.
(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t symbolize the views of the Financial Occasions)
