SEBI restrains former IIFL director Sanjiv Bhasin from markets for stock manipulation

The Securities and Exchange Board of India (SEBI) has restrained Sanjiv Bhasin, a former director at the brokerage firm IIFL, from accessing the securities market for his involvement in stock manipulation. The market regulator's investigation found that Bhasin had engaged in manipulative trading practices, which violated the provisions of the SEBI Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. The specific details of the manipulation likely involve creating artificial trading volumes or influencing stock prices for personal gain. SEBI's order to restrain him from the market is a punitive measure designed to protect the integrity of the market and deter such misconduct. This action against a high-profile market personality underscores SEBI's commitment to enforcing its regulations and ensuring a fair and transparent trading environment for all investors.