Mumbai, Aug. 1 -- The Securities and Exchange Board of India (Sebi), during a hearing in the Securities Appellate Tribunal on Friday, alleged that Sanjiv Bhasin, former director of IIFL Securities, was the 'kingpin' in a front-running and market manipulation case.
"It's fairly a gross case... The appellant (Sanjiv Bhasin) is perhaps tactically the actual kingpin and mastermind behind the whole thing," Shiraz Rustomjee, senior counsel for Sebi, said during a hearing in the Securities Appellate Tribunal (SAT).
After the hearing, the tribunal directed Bhasin to deposit Rs.1 crore in favour of Sebi. "In our view, the end of justice would be met by directing the appellant (Bhasin) to deposit a sum of Rs.1 crore in a fixed deposit with lien m...
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