IIFL Securities Ltd., in a clarification on a reported probe into Sanjiv Bhasin's alleged stock manipulation, said, "Bhasin was associated with IIFL Securities as a consultant on a contractual basis."
The statement added, "His term was to end on June 30, 2024. However, due to health reasons, his contract has been discontinued prematurely with effect from June 17, 2024."
Bhasin informed the company regarding SEBI's investigation, but the specifics were not shared. Hence, the brokerage refrained from making any comments. The statement said he was not a member of the board of directors of IIFL Securities or any other group company or affiliates.
According to media reports, the capital markets regulator is investigating Bhasin for his role in an alleged market manipulation. He is a known face on various business news channels and digital media platforms, where he discusses trading ideas pertaining to stocks.
(With inputs from PTI)
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