sebi:WTM/KV/ISD/ISD-SEC-6/31471/2025-26
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Facts / Headnote
Interim order finding prima facie violation of SEBI Act and regulations; impounding unlawful gains of ₹11.37 crores jointly and severally from Noticees
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 15H
- s. 27
- s. 12
- s. 11A
- s. 15
- s. 11C
- s. 29
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 16
- Reg. 200
- Reg. 2
- Reg. 21
- Reg. 1
- Reg. 2(1)
Holding
Noticees prima facie violated Section 12A of the SEBI Act and PFUTP Regulations by trading contrary to public stock recommendations made by Sanjiv Bhasin on media channels, and Noticee No. 1 also violated RA Regulations as a Research Analyst. Unlawful gains of ₹11.37 crores are impounded, with Noticees held jointly and severally liable.
Full text
Interim Order in the matter of stock recommendations given by Sanjiv Bhasin in Media Channels and other social media platforms Page 2 of 149
Interim Order in the matter of stock recommendations given by Sanjiv Bhasin in Media Channels and other social media platforms Page 3 of 149
Interim Order in the matter of stock recommendations given by Sanjiv Bhasin in Media Channels and other social media platforms Page 4 of 149
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Source: SecMarx — sebi:WTM/KV/ISD/ISD-SEC-6/31471/2025-26. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.