New Delhi, June 18 -- The Securities and Exchange Bureau of India (Sebi) has passed an ex-parte interim order against Sanjiv Bhasin and 11 others, alleging they used stock tips to generate an estimated Rs.11.37 crore in profits at the expense of retail investors. The order restrains the accused from accessing the securities market and impounds suspected unlawful gains.

An ex-parte interim order by Sebi is a temporary order that's issued without hearing the other party to prevent potential harm to investors or the securities market. These orders are usually issued during investigations or inquiries to prevent further mischief or protect the interests of investors.

Mint explains what the order says, how Sebi unearthed the scheme, and what...