Unistone Capital, Jitendra Sanghavi Pay ₹67.34 Lakh To Settle SEBI Proceedings in Cupid Case
Moneylife Digital Team 17 June 2026
Unistone Capital Pvt Ltd and its director Jitendra Sanghavi have paid a total settlement amount of ₹67.34 lakh to settle proceedings initiated by the market regulator Securities and Exchange Board of India (SEBI)  in connection with alleged violations of insider trading regulations in the shares of Cupid Ltd. The settlement amount comprises ₹34.84 lakh paid by Unistone Capital and ₹32.50 lakh paid by Mr Sanghavi. 
 
SEBI had initiated adjudication proceedings against the two applicants for alleged violations of provisions under the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's code of conduct relating to trading by designated persons. 
 
According to the market regulator, the applicants allegedly entered into contra trades in the Cupid scrip, with buy and sell transactions executed within a period of six months, contrary to the applicable insider trading norms. 
 
SEBI also alleged that the applicants carried out buy-and-sell transactions in Cupid shares during the investigation period without obtaining the requisite pre-clearance mandated under the company's code of conduct and insider trading regulations. 
 
A show-cause notice (SCN) was issued by SEBI on 13 June 2025, calling upon the applicants to explain why an inquiry should not be conducted and penalties should not be imposed under Section 15HB of the SEBI Act for the alleged violations. 
 
Pending adjudication proceedings, Unistone Capital and Mr Sanghavi filed separate settlement applications with SEBI on 16 July 2025 under the SEBI (Settlement Proceedings) Regulations, 2018, without admitting or denying the findings. 
 
The settlement proposals were considered by SEBI's internal committee and subsequently by the high-powered advisory committee (HPAC). In its meeting held on 25 March 2026, the HPAC recommended settlement of the matter upon payment of ₹34.84 lakh by Unistone Capital and ₹32.50 lakh by Mr Sanghavi. 
 
The recommendation was approved by SEBI's panel of whole-time members (WTMs) on 13 May 2026 and communicated to the applicants on 19 May 2026. The applicants remitted the settlement amounts on 2 June 2026. 
 
Consequently, SEBI disposed the adjudication proceedings by passing a settlement order on 16 June 2026. The regulator clarified that the settlement is without prejudice to its right to reopen or initiate proceedings in the future if it finds that full and true disclosures were not made or if any settlement undertakings are violated.
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