Mumbai: The Securities and Exchange Board of India (Sebi), during a hearing in the Securities Appellate Tribunal, on Friday claimed that Sanjiv Bhasin, former director of IIFL Securities, was the ‘Kingpin’ in a leading and market manipulation case. “It’s quite a coarse matter … The appellant (Sanjiv Bhasin) is perhaps tactically the actual Kingpin and the brain behind the whole case,” Sebi senior lawyer Shiraz Rustomjee said at a hearing in the Securities Appellate Tribunal (SAT). After the hearing, the tribunal ordered Bhasin to deposit £ 1 crore in favor of Sebi. “In our opinion, the end of justice will be met by directing the appellant (Bhasin) to deposit an amount of £ 1 in a fixed deposit with retention mark in favor of Sebi,” the SAT bank said in his order. Sebi’s remark follows a petition that Sanjiv Bhasin submitted in the SAT challenged the market regulator’s June 17, claiming that Bhasin was involved in provisional and stock manipulation. Pre-run refers to the trading of stock or any other financial asset by a broker who has knowledge of a future transaction that is about to influence the price. The market regulator, in its order, believed that Bhasin first bought the securities themselves and later recommended it to news channels, including Zee Business, etn Now, and IIFL’s telegram channel, contrary to the Sebi’s research analyst regulations. The Sebi ordered that the bank accounts and securities of Bhasin be frozen and, together with others, jointly and a £ 11.7 crore. “The alleged profits of £ 11.7 crore – a Bhasin claimed was” unsustainable “and caused a significant financial problems. Vikram Nankani, which appears for Sanjiv Bhasin, denied the allegations, saying,” How they calculated this figure, which is completely based on imagination. In his 28 -page plea that he received no direct financial benefit and that no funds flowed into his account from the relevant transactions. Manipulation and financial advice powered by unknown conflicts of interest.
Sebi claims Sanjiv Bhasin ‘Kingpin’ in the leading case | Company Business News
