Unistone Capital, Sanghavi settle insider trading proceeding with SEBI
This story was originally published at 21:43 IST on 16 June 2026
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MUMBAI – Unistone Capital Pvt. Ltd. and Jitendra Sanghavi have settled an insider trading adjudication proceeding initiated against them by the Securities and Exchange Board of India for INR 6.73 million, SEBI said in a settlement order Tuesday. SEBI had initiated adjudication against the firm and its director in June 2025 for insider trading.
SEBI claimed that the firm and its director had entered contra trades in Cupid Ltd., with the buy and sell trades executed within a period of six months. The regulator had also alleged that the firm and its director entered into buy and sell trades in Cupid's scrip during the investigation period without obtaining prior clearance.
SEBI did not specify the connection between the two entities and Cupid as per the insider trading rules. Unistone Capital is an investment banking firm, and Sanghavi, a chartered accountant, is a director at the firm, according to Unistone's official website.
As per the SEBI settlement order, Unistone and Sanghavi were in breach of provisions of SEBI's regulations on insider trading applicable to individuals, entities, and fiduciaries of a listed company handling unpublished price-sensitive information, including professional firms such as auditors, accountancy firms, law firms, analysts, insolvency professional entities, consultants, banks, and others assisting or advising the listed company.
Tuesday, shares of Cupid closed flat at INR 164.89 on the National Stock Exchange. End
Reported by Prateem Rohanekar
Edited by Saji George Titus
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