Amid reports of Sebi investigating Sanjiv Bhasin for his role in alleged stock manipulation, IIFL Securities on Wednesday said he was associated with the brokerage house as a consultant on a contractual basis.

Bhasin is a known face on various business news channels and digital media platforms, where he discusses trading ideas pertaining to stocks.

In a statement, the brokerage house said, "Bhasin was associated with IIFL Securities as a consultant on a contractual basis." His term was to end on June 30, 2024. However, due to health reasons, his contract has been discontinued prematurely with effect from June 17, 2024, it added.

"Bhasin informed us about Sebi's enquiry but the details of the same were not disclosed to us. Hence, we will not be able to comment. Please note that he was not a member of the board of directors of IIFL Securities Ltd or any other group company or affiliates," it added.

According to media reports, Sebi is investigating Bhasin for his role in an alleged market manipulation.

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