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FCA Fines Two Individuals for Insider Dealing in Bidstack Shares
Mr Kerai has been fined £52,731 and Mr Hirani £56,000 following findings that they used confidential, price-sensitive information to gain an unfair advantage in the market.
Misuse of Inside Information
In December 2021, Mr Hirani was serving as interim Chief Financial Officer of Bidstack, a company specialising in in-game advertising. In that role, he had access to inside information about a significant upcoming commercial agreement between Bidstack and a major video game publisher.
Before this information was made public, Mr Hirani unlawfully shared it with Mr Kerai. He then opened a trading account in Mr Kerai’s name and, working together, purchased approximately 1.3 million Bidstack shares while in possession of inside information.
When the deal was publicly announced, Bidstack’s share price increased by more than 125%. Mr Kerai generated profits exceeding £9,000 — funds the FCA has required him to repay as part of the enforcement action.
Detection and Accountability
The suspicious trading activity was first identified through Suspicious Transaction and Order Reports (STORs) submitted by a regulated firm, highlighting the critical role the industry plays in detecting and reporting market abuse.
“Dipesh Kerai and Bhavesh Hirani exploited inside information for their own gain, trading on details other investors couldn’t have known. We thank the firm that reported its suspicions, enabling us to identify those responsible and hold them to account.”
“Working with industry, we will continue to take action against anyone who misuses inside information and undermines trust in UK markets.”
— Steve Smart, Executive Director of Enforcement and Market Oversight, FCA
This case serves as a clear warning: insider dealing damages market confidence and will not be tolerated. The FCA remains committed to maintaining fair, transparent and trustworthy markets for all participants.