Ramesh Kunhikannan, MD of Kaynes Technology India, Settles Insider Trading Case with SEBI for ₹23.42 Lakh
Moneylife Digital Team 30 March 2026
Ramesh Kunhikannan, managing director (MD) of Kaynes Technology India Ltd (KTIL), has settled an insider trading-related case with the Securities and Exchange Board of India by paying ₹23.42 lakh, bringing an end to adjudication proceedings initiated over alleged violations of regulatory norms.
 
The case arises from SEBI investigation into trading in the shares of KTIL during the period from 15 March 2023 to 6 June 2023. The probe followed a sharp 17.05% increase in the company share price on 17 May 2023, a day after it announced financial results showing a more than 100% year-on-year rise in net profit.
 
SEBI examined compliance with the Prohibition of Insider Trading (PIT) Regulations, with a particular focus on the maintenance of the structured digital database (SDD), which is meant to record the sharing of unpublished price sensitive information (UPSI).
 
The regulator found that KTIL had maintained only two entries in its SDD between 1 January 2023 and 18 October 2023, despite multiple price-sensitive announcements during this period, including quarterly and annual financial results.
 
Additionally, SEBI noted discrepancies in the SDD access logs submitted by the company at different times, including the omission of certain individuals from later records, raising concerns about the integrity and completeness of the data.
 
As MD, Mr Kunhikannan was responsible for ensuring compliance with these requirements. SEBI alleged that the failure to maintain a proper SDD constituted a violation of Regulation 3(5) of the PIT Regulations.
 
Following a show-cause notice (SCN) issued in March 2025, Mr Kunhikannan chose to settle the matter without admitting or denying the findings. He filed a settlement application in April 2025 under SEBI’s Settlement Proceedings Regulations.
 
The high-powered advisory committee initially recommended a settlement amount of ₹22.10 lakh. However, SEBI’s panel of whole-time members (WTM) approved the settlement upon payment of ₹23.42 lakh, which was remitted on 22 March 2026.
 
With the payment confirmed, SEBI disposed the adjudication proceedings through a settlement order issued on 27 March 2026. The order remains subject to standard provisions allowing the regulator to reopen the case in the event of any misrepresentation or breach of settlement terms.
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