Quick Summary
The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings against two individuals in connection with an illiquid stock options case. Through Recovery Certificate No. 9147 of 2026 , issued by SEBI's Eastern Regional Office, the market regulator has demanded payment of Rs 5.31 lakh, comprising penalty, accrued interest, and recovery expenses. The recovery action has been taken under Section 28A of the SEBI Act, 1992, read with relevant provisions of the Income-tax Act
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FAQ :
SEBI is demanding a total of £5,31,000, which includes a penalty of £5,00,000, £30,000 in interest, and £1,000 for recovery costs.
The penalty has been imposed in connection with an illiquid stock options case, following an adjudication order dated January 14, 2026, against Amar Nath Das and Rajesh Kumar Agarwal.
The individuals have been directed to clear the outstanding dues within 15 days of receiving the notice.
If payment is not made within the stipulated timeline, SEBI may initiate coercive recovery measures, including attachment and sale of movable and immovable property, attachment of bank accounts, arrest, and detention.
The notice cautions against transferring or disposing of assets without authorisation. Any transfer of property or funds made after the date of the original order may be considered recoverable, and transfers made after the recovery notice may be treated as void.
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