SEBI v. Sanjay Chandra and Ajay Chandra (alleged routing of funds into Unitech shares, 2024)
Dismissed
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
On 21 June 2024 a SEBI chief general manager disposed of proceedings against Sanjay Chandra and Ajay Chandra, accused of routing money through UBS bank accounts to buy Unitech shares indirectly, finding the allegations not established.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2024-06-21 |
| Date resolved | 2024-06-21 |
| Court | SEBI executive director / chief general manager |
| Status | dismissed |
| Asset class | equities |
| Instruments | Unitech Limited shares |
| Criminal parallel | No |
| Defendants | Sanjay Chandra ; Ajay Chandra |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
SEBI chief general manager G. Ramar issued this order on 21 June 2024 under sections 11(1) and 11B(1) of the SEBI Act. The two noticees are Sanjay Chandra and Ajay Chandra, associated with the real estate company Unitech Limited. The order records that both were in judicial custody when the notice was sent to them, and does not say why.
SEBI's investigation covered April 2006 to March 2008. It alleged that money was moved from Unitech's account in India to an overseas subsidiary with a UBS account in Zurich, then among related foreign entities using UBS accounts, and finally into a Mauritius fund, Pluri Emerging Companies, which allegedly invested about USD 15 million in Unitech shares through a foreign investor sub-account in January 2008. The evidence was mainly emails between UBS staff about opening accounts for the two men and a request to subscribe to the fund for a company they were linked to. SEBI alleged this was fraudulent indirect dealing in Unitech shares, in breach of section 12A of the SEBI Act and Regulations 3 and 4(2)(f) of the PFUTP Regulations 2003.
The order finds that the corroborating evidence was insufficient, that the link between the accounts and the two men was not established and that no record showed the alleged fund transfers from Unitech to the other entities. Citing Supreme Court and tribunal authority that fraud needs particulars and a high degree of probability, it holds the violations not established.
The proceedings were disposed of without any directions. No penalty or restriction was imposed.
The record does not show whether SEBI appealed, whether the funds in fact reached the market, or who, if anyone, bought the shares. A related order concerning another person in the same investigation is catalogued separately.
This library does not assign a technique tag to the matter, because no technique in the library fits the conduct. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.