Description

Securities Appellate Tribunal order regarding SEBI's directions against Sanjiv Bhasin and associated entities for stock recommendations made through media channels and social platforms.

Summary

The Securities Appellate Tribunal has heard an appeal by Sanjiv Bhasin against SEBI’s ex-parte order dated June 17, 2025, which directed disgorgement of Rs. 9.02 crores from three entities (Venus Portfolios Private Limited, Gemini Portfolios Private Limited, and HB Stockholdings Limited) in connection with stock recommendations made by Sanjiv Bhasin in media channels and social media platforms.

Key Points

  • SEBI’s Whole Time Member passed an ex-parte order on June 17, 2025 directing disgorgement of Rs. 9.02 crores
  • Sanjiv Bhasin appealed the order as Noticee No. 1 under Section 15T of the SEBI Act, 1992
  • Other related entities (Lalit Bhasin, RRB Master Securities Delhi Limited, and Venus Portfolios Private Limited) had filed separate appeals which were disposed of with direction to deposit Rs. 2 crores in fixed deposit
  • Sanjiv Bhasin’s counsel argued that maximum profit alleged was only Rs. 62.75 lakhs, much lower than the disgorgement amount
  • The case involves allegations related to stock recommendations given through media channels and social media platforms

Regulatory Changes

No specific regulatory changes mentioned in this tribunal order.

Compliance Requirements

  • Related entities directed to deposit Rs. 2 crores in fixed deposit with lien in favour of SEBI
  • Appellants required to file reply before SEBI within four weeks
  • SEBI to complete proceedings expeditiously in accordance with law

Important Dates

  • June 17, 2025: SEBI’s original ex-parte order
  • August 1, 2025: Securities Appellate Tribunal order date
  • Four weeks from tribunal order: Deadline for filing reply with SEBI

Impact Assessment

This case highlights SEBI’s increased scrutiny of stock recommendations made through media channels and social platforms. The substantial disgorgement amount and high-profile nature of the case sends a strong message about regulatory enforcement in the area of market influence and investment advice. The case may impact how market participants and media personalities approach stock recommendations and disclosure requirements.

Impact Justification

High-profile case involving SEBI enforcement action against market influencer for improper stock recommendations