SEBI v. Yayaati Hasmukhray Nada and others (Telegram stock tips, Unison Metals, 2026)

Judgment entered

✓ Checked against the primary document on October 8, 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.

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In February 2026 SEBI confirmed, after an interim order, that a group of related traders profited from advance knowledge of buy tips posted on Telegram channels for Unison Metals shares, with operators and company insiders helping. It ordered disgorgement of about Rs 3.87 crore, penalties totalling Rs 3.65 crore and market restraints of one to three years.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

36.5m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

Whole Time Member Amarjeet Singh issued this 98-page final order on 5 February 2026. It follows an interim ex parte order of 31 July 2024 and covers 17 noticees in three groups: ten alleged profit makers, led by Yayaati Hasmukhray Nada, who acted for family members; three alleged operators, Shailesh S Patel, Jalaj Agrawal and Arvind Shukla, who ran or arranged the Telegram channels; and four people linked to the company, namely directors Tirth Mehta, Uttamchand Mehta and Manishaben Panchal, and Sharad Gattani, who is Tirth Mehta's father-in-law.

SEBI alleged that in December 2021 stock recommendations for Unison Metals Limited, listed on the BSE, were posted on Telegram channels, that the profit makers knew the posts in advance and sold into the resulting rise in price and volume, that operators were paid a share of profits outside the banking system, and that the company-side noticees supplied shareholder data that connected the groups. The interim order put the profit at about Rs 4.30 crore.

The final order finds that the scheme was established against all noticees other than two, with the profit makers violating the PFUTP Regulations and section 12A of the SEBI Act, the operators having a pivotal part, and the company-side people helping to link the parties. It notes that two operators had carried out similar tip-based pump and dump operations in earlier cases.

SEBI directs disgorgement of Rs 3,87,45,475.70 across nine noticees (with joint and several liability among linked noticees), restrains 12 noticees for three years and three for one year, and imposes penalties under section 15HA totalling Rs 3,65,00,000, from Rs 10 lakh on the company-side noticees to Rs 1 crore on Yayaati Nada.

Proceedings against Mukti Lodha and Manishaben Panchal were disposed of without directions. The record does not show appeals, payment, or the loss borne by buyers, which the order says cannot be exactly attributed.

This library tags the matter as chat-group pumps and social-media ramping (Telegram tips). 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.

What technique is this, and how does it work?

This action is tagged with 2 techniques in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Chat group pumps — see how it works, what statute it engages, and every other action tagged the same way.
• Social media ramps — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2026-02-05 SEBI final order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.