SEBI Recovery Proceedings for Outstanding Disgorgement and Interest in IPO Irregularities

Last updated: 10 August 2026

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This notification details the recovery proceedings initiated by the Securities and Exchange Board of India (SEBI) against Mr. Bhargav Ranchodlal Panchal concerning IPO irregularities. SEBI had previously ordered the defaulter to disgorge unlawful gains of Rs. 8,97,024/- with interest, totalling Rs. 4,48,512/-, within 45 days. As the defaulter failed to comply, recovery proceedings were initiated, including the issuance of a Notice of Demand and attachment of bank and demat accounts. Despite further notices and scheduled hearings, the defaulter has not discharged the dues or appeared for proceedings.

BEFORE THE RECOVERY OFFICER SECURITIES AND EXCHANGE BOARD OF INDIACertificate No. 424 of 2014 Mr. Bhargav Ranchodlal Panchal (PAN: AFUPP7738M)......................Defaulter ORDER UNDER RULE 11 OF THE SECOND SCHEDULE OF THE INCOME TAX ACT, 1961 READ WITH SECTION 28A OF THE SEBI ACT, 1992 IN THE MATTER OF IPO IRREGULARITIES. BACKGROUND: 1. Securities and Exchange Board of India (SEBI), vide Order dated February 25, 2011, directed Mr. Bhargav Ranchodlal Panchal (hereinafter referred to as the

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FAQ :

The recovery proceedings are due to Mr. Bhargav Ranchodlal Panchal's failure to disgorge unlawful gains and pay the associated interest as ordered by SEBI for IPO irregularities.

SEBI ordered the defaulter to disgorge Rs. 8,97,024/- in unlawful gains, plus simple interest of Rs. 4,48,512/- at 10% per annum for five years, within 45 days.

Failure to pay can result in the defaulter being barred from dealing in the securities market for nine years and having their securities held in demat accounts frozen until the amounts are realised.

SEBI initiated recovery proceedings, issued a Notice of Demand, and attached the defaulter's bank and demat accounts.

The defaulter has stated an inability to challenge the order without a certified copy and has been advised to appear before the Recovery Officer on multiple occasions, but has not appeared for hearings.