SEBI calculates ₹4.29 crore profit from Unison Metals stock manipulation

This is a final order by SEBI regarding a scheme to manipulate the stock price of Unison Metals Ltd. through coordinated buy recommendations on Telegram channels. SEBI examined the actions of 17 individuals categorized as beneficiaries, operators, and enablers in this alleged manipulation.

The order concerns 17 individuals: Yayaati Hasmukhray Nada, Nirali Yayaati Nada, Jasavantbhai Patel, Jignesh Pravinbhai Pethani, Mukti Lodha, Nahush Ashvinbhai Shukla, Prajesh A Shukla, Malay Shaileshbhai Patel, Reetaben Ashvinkumar Shukla, Hardik J Patel, Shailesh S Patel, Jalaj Agrawal, Arvind Shukla, Tirth Uttamchand Mehta, Uttamchand Chandanmal Mehta, Manishaben Bipinchandra Panchal, and Sharad Ramkrishana Gattani. It also involves the company Unison Metals Ltd.

• SEBI identified a scheme involving stock recommendations for Unison Metals Ltd. posted on Telegram channels in December 2021.
• SEBI calculated a profit of ₹4,29,80,725.70 earned by the 'Net Sellers/Profit Makers/Beneficiaries' (Noticees 1-10).
• SEBI found that 'Operators' (Noticees 11-13) facilitated the posting of these recommendations, with Mr. Arvind Shukla operating the channels.
• SEBI found that 'Enablers' (Noticees 14-17), including directors of Unison Metals Ltd., aided the scheme by bridging the gap between beneficiaries and operators.
• SEBI noted that recommendations were posted on channels with 4 to 15 lakh subscribers and were deleted on the same day.
• SEBI recorded statements indicating that commission of ₹80 lakhs was involved, with ₹20 lakhs paid via non-banking routes.
• The order references potential directions to disgorge profits, prohibit access to the securities market, and impose penalties under the SEBI Act and PFUTP Regulations.

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