Mumbai, June 17 -- The market regulator has barred former IIFL Securities director Sanjiv 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 Securities and Exchange Board of India (Sebi) also directed impounding of Rs.11.37 crore from the 12 noticees-representing alleged unlawful gains from the scheme-according to the regulator's ex-parte interim order issued on Tuesday.

Bhasin was associated with IIFL as a director between April 2017 and November 2022 and later as a consultant until June 2024. During this period, he offered stock recommendations that were disseminated to clients via IIFL's Tel...