SEBI Bars IIFL’s Sanjiv Bhasin for Front Running
Why in the news
In a rare step, SEBI banned a senior IIFL Securities figure from the market, finding that he profited from his own public recommendations.
Key facts
- Sanjiv Bhasin, Director at IIFL Securities, is barred from the securities market by SEBI.
- Violation: front running; first such action involving a high-profile research analyst.
- Pattern: public buy calls, then sale after the price rise, producing illicit gains.
Front running
- Trading ahead of a large pending trade by using non-public information to gain from the price move that follows.
Stocks involved
- L&T Technology Services, Parag Milk Foods, InterGlobe Aviation, SAIL and Godrej RCP.
Exam angle
- Regulator: SEBI; offence: front running; entity: IIFL Securities.