How Sanjiv Bhasin's 'haseen sapne' took investors for a ride

January 2022. Sanjiv Bhasin, the ‘director’ at IIFL Securities, graced our television screens as the go-to tipster. A prominent “Bhasin ke haseen share” (Bhasin’s strong stock tip) banner adorned our idiot box, as his loyal followers hung on to every buy recommendation he made.

But beneath the recommendation lurked a sinister ploy, one that SEBI, the markets regulator, has now unspooled, and swiftly shut down.

The betrayal beneath the banner

SEBI’s investigation has exposed what many of his followers never imagined: Bhasin was front-running.

He wasn’t just recommending stocks; he was actively trading against his own viewers.

Bhasin, along with his cousin, nephew and his close circle, would first identify a low-volume stock with decent fundamentals. The group would then quietly buy that stock across multiple demat accounts, many of which were operated under friends’ and relatives’ names.

Then came the performance.

Bhasin would appear on TV and pump the same stock live — “Buy now, target 15% up” — triggering thousands of retail investors to rush in. The surge in demand would push the stock price higher. And that’s when the group would begin to offload their holdings — often just minutes after the recommendation aired — booking quick profits on the backs of public trust.

This wasn’t a one-off trick. It was a calculated, repeated operation, using TV appearances as a free launchpad and retail investors as exit liquidity.

The money trail, call records, trading logs, all of it pointed to a betrayal executed with clockwork precision.

So far, SEBI estimates over Rs 11 crore was made through this scheme. The 12 people involved in this sham have been barred by the regulator from trading in the market, until further notice.

A god with clay feet

What hurts isn’t just the fraud. It’s who was defrauded.

The same investors who trusted him—the ones who planned to put their savings in stocks—were the ones left holding the bag.

They all tuned in for guidance, but all they got was bait.

There’s an old saying in the market: Smart money exits when the crowd enters. But this time, the crowd wasn’t just late, it was led into the fire by someone they trusted most.

IIFL Securities have been mired in this controversy, too. While Bhasin was a former director at IIFL Securities, he routinely presented himself on television as a current director of the firm, a title that lent his recommendations added credibility. His onscreen identity was inseparable from the IIFL brand, even though he no longer held an official post.

Now, in the wake of SEBI’s scathing order, IIFL Securities has had to publicly distance itself from Bhasin, saying the latter was only a contractual employee and that his contract was up early. 

What should retail investors learn?

• Star status ≠ safe advice: Popular faces on TV don’t owe you fiduciary responsibility. Because there’s only an in-the-works regulatory filter for advice that masquerades as “views” or “opinions”. So, do your own due diligence before investing in the market.
• Always follow process, not personality: A charismatic advisor might give you a sugar high, but real investing success comes from process, not personality. Build a simple, consistent investing framework—focus on asset allocation, fund selection, periodic reviews and tax efficiency. An SIP into a good mutual fund beats sensational stock tips over time.
• Front-running hurts trust: When influencers abuse their platform, markets lose transparency—and investors lose confidence.

In short: Hype fades, but process protects your money.

Also read: Buffett was right: You don't need 160 IQ to be good investor

This article was originally published on June 25, 2025.