BSE has informed trading members of a Securities Appellate Tribunal (SAT) order staying the SEBI Final Order dated February 05, 2026 against three individuals — Tirth Uttamchand Mehta, Uttamchand Chandanmal Mehta, and Sharad Ramkrishana Gattani — in connection with stock recommendation tips in the scrip of Unison Metals Ltd. The stay is effective following the deposit of 50% of the penalty amount by the noticees.

Key Points

• SAT order dated April 28, 2026 stayed the SEBI WTM order dated February 05, 2026 against the appellants pending appeal
• Stay was conditional on deposit of 50% of the penalty amount within two weeks from April 28, 2026
• SEBI confirmed via email dated May 15, 2026 that the three noticees have made the required 50% penalty payment
• SEBI Final Order dated February 05, 2026 now remains stayed as per the SAT order
• This notice is issued in continuation of Exchange Notice No. 20260205-31 dated February 05, 2026

Regulatory Changes

No new regulatory changes are introduced. This circular updates trading members on the current legal status of an existing SEBI enforcement action, which has been stayed by SAT pending the outcome of an appeal filed by the noticees.

Compliance Requirements

• Trading members are advised to take note of the SAT stay order and ensure compliance accordingly
• The underlying SEBI order against the three named individuals (Tirth Uttamchand Mehta, Uttamchand Chandanmal Mehta, and Sharad Ramkrishana Gattani) is stayed and not enforceable pending appeal resolution

Important Dates

• February 05, 2026: Original SEBI Final Order passed by WTM, SEBI (Exchange Notice No. 20260205-31)
• April 28, 2026: SAT order granting conditional stay, requiring 50% penalty deposit within two weeks
• May 15, 2026: SEBI email confirming payment of 50% penalty; stay made effective

Impact Assessment

The impact is limited to the three named individuals and their activities related to stock recommendation tips in Unison Metals Ltd. The SAT stay means the SEBI enforcement action — including any trading restrictions or penalties — is currently suspended pending the appeal outcome. Trading members should note that these individuals are not currently subject to the February 2026 SEBI order. Broader market impact is low, but the case is significant from a regulatory surveillance perspective as it pertains to stock recommendation tip-based manipulation.