Mumbai, June 18 -- The Securities and Exchange Board of India (SEBI) has barred former IIFL Securities director Sanjiv Bhasin and 11 others from accessing the securities market, accusing them of front-running trades before recommending stocks on television and social media platforms, Mint reported.

The regulator has also ordered the impounding of Rs.11.37 crore in alleged ill-gotten gains from the 12 individuals.

SEBI alleged the trades were part of a coordinated strategy to profit by manipulating market prices.

SEBI cited evidence, including phone transcripts and WhatsApp messages showing Bhasin directing dealers on what and when to buy and sell-often minutes before appearing on TV to issue bullish calls.

The regulator found that he ...