Description
SEBI's final order debarring 15 entities from securities market for 1-3 years for involvement in stock recommendation tips manipulation in Unison Metals Limited scrip.
Summary
SEBI has issued a final order (WTM/AS/ISD/ISD-SEC-6/32028/2025-26) dated February 05, 2026, debarring 15 entities from accessing the securities market for periods ranging from 1 to 3 years. These entities were involved in providing fraudulent stock recommendation tips in the scrip of Unison Metals Limited. The order follows an interim restraint order dated July 31, 2024, and comes into force with immediate effect.
Key Points
- 15 entities debarred from securities market for involvement in stock tip manipulation scheme
- Debarment periods: 10 entities for 3 years, 2 entities for 3 years (consecutive to previous orders), and 3 entities for 1 year
- Entities prohibited from buying, selling, or dealing in securities directly or indirectly
- Exception: Debarred entities may close out open derivative positions within 3 months or at contract expiry, whichever is earlier
- Order effective immediately from February 05, 2026
- For two entities (Jalaj Agrawal and Arvind Shukla), the 3-year debarment runs consecutively after existing restraints in Superior Finlease Ltd. and Svarnim Trade Udyog Ltd. matters
Regulatory Changes
This order reinforces SEBI’s stringent approach to market manipulation through fraudulent stock recommendation services. It demonstrates escalation from interim restraint orders to final debarment orders with substantial time periods.
Compliance Requirements
- All NSE members must take note of the debarred entities and ensure no trading activity is facilitated for them
- Members should refer to the consolidated list of debarred entities available at: https://www.nseindia.com/regulations/member-sebi-debarred-entities
- Members must verify client identities against the debarred entities list
- Any queries should be directed to dl-invsg-all@nse.co.in
Important Dates
- February 05, 2026: Final order issued and effective immediately
- July 31, 2024: Initial interim restraint order issued
- Within 3 months from February 05, 2026: Deadline for debarred entities to close out open derivative positions
Debarred Entities
3-Year Debarment:
- Yayaati Hasmukhray Nada (PAN: AGFPN4412J)
- Nirali Yayaati Nada (PAN: AGGPL9393R)
- Jasavantbhai Patel (PAN: BJHPP4604A)
- Jignesh Pravinbhai Pethani (PAN: AXWPP3633P)
- Nahush Ashvinbhai Shukla (PAN: DDDPS0405J)
- Prajesh A Shukla (PAN: FPUPS7459F)
- Malay Shaileshbhai Patel (PAN: BLOPP9579F)
- Reetaben Ashvinkumar Shukla (PAN: BEEPS5008B)
- Hardik J Patel (PAN: AKLPP6832C)
- Shailesh S Patel (PAN: ABCPP2114M)
3-Year Debarment (Consecutive to previous orders): 11. Jalaj Agrawal (PAN: AUDPA0226H) 12. Arvind Shukla (PAN: ISZPS7481G)
1-Year Debarment: 13. Tirth Uttamchand Mehta (PAN: AVVPM6085F) 14. Uttamchand Chandanmal Mehta (PAN: ABCPM3554A) 15. Sharad Ramkrishana Gattani (PAN: ADKPG8054F)
Impact Assessment
Market Impact: Limited direct market impact as the debarment applies to specific individuals rather than institutional participants. However, it serves as a strong deterrent against fraudulent stock recommendation services.
Operational Impact: Brokers and trading members must update their systems to prevent these entities from trading. The order reinforces the need for robust KYC and client verification processes.
Regulatory Significance: Demonstrates SEBI’s commitment to protecting retail investors from fraudulent tip providers and maintaining market integrity. The varying debarment periods (1-3 years) indicate proportionate penalties based on the degree of involvement.
Impact Justification
Significant enforcement action debarring 15 entities for market manipulation, but impact limited to specific individuals rather than broader market participants