01 · In plain English
What happened.
The FCA found that in December 2021 Bhavesh Hirani (then interim CFO at Bidstack) passed confidential inside information about a major deal to his friend Dipesh Kerai. Kerai used an account in his name (funded with about £25,000 of his money) to buy 1.3m Bidstack shares before the announcement and made roughly £9,260 when the price rose; the FCA concluded this was insider dealing (breach of Article 14(a) of the UK Market Abuse Regulation, which prohibits dealing in securities while in possession of inside information). The FCA fined Kerai £52,731 (including £9,260.74 disgorgement plus interest and a penalty reduced by a 30% settlement discount).
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA published.
On 27 January 2026, the Financial Conduct Authority fined Dipesh Kerai £52,731. The Final Notice refers to a breach of Article 14(a) of UK MAR relating to insider dealing. Source: the FCA's published list of 2026 fines.
03 · Press coverage
How it was reported.
- UK regulator fines two men over insider trading in Bidstack sharesReuters · 10 Feb 2026
- FCA fines two individuals for insider dealingFinancial Conduct Authority · 9 Feb 2026
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