Mumbai, July 10 -- Sanjiv Bhasin, former director of IIFL Securities, has approached the Securities Appellate Tribunal (SAT), challenging an order by the Securities and Exchange Board of India (Sebi) that accused him of market manipulation.

In its 17 June order, Sebi alleged that Bhasin was involved in front-running and stock manipulation. The market regulator barred Bhasin and 11 others from securities trading for allegedly engaging in coordinated fraudulent trading by placing orders ahead of offering stock recommendations on television and social media.

The SAT is scheduled to hear the matter on Thursday. Bhasin is being represented by law firm Vishesha Law, according to a court filing.

Front-running refers to trading in a stock or a...