Description
SEBI directs de-freezing of trading account for Rajiv Kapoor (PAN: ARSPK9663Q) after compliance with deposit of unlawful gains worth ₹11.37 crores in the stock recommendations case.
Summary
SEBI has directed the de-freezing of trading accounts for Rajiv Kapoor (Noticee No. 5, PAN: ARSPK9663Q) following his compliance with regulatory directions in the stock recommendations case involving Sanjiv Bhasin. Kapoor has deposited ₹11,37,19,170 in unlawful gains into a fixed deposit account with lien marked in favor of SEBI.
Key Points
- Rajiv Kapoor has complied with Para 149(i) of the SEBI order by depositing unlawful gains
- Total amount deposited: ₹11,37,19,170 (₹11.37 crores)
- Amount deposited in fixed deposit account in scheduled commercial bank with SEBI lien
- Trading account de-freezing effective immediately for PAN: ARSPK9663Q
- This follows previous Exchange Notice No. 20250617-19 dated June 17, 2025
Regulatory Changes
No new regulatory framework changes. This is enforcement of existing SEBI order regarding unlawful gains from stock recommendations violations.
Compliance Requirements
- Trading members must de-freeze the trading account for Rajiv Kapoor (PAN: ARSPK9663Q)
- Fixed deposit amount cannot be released without SEBI permission
- Trading members advised to ensure compliance with the directions
Important Dates
- August 25, 2025: SEBI email confirming compliance and directing account de-freezing
- June 17, 2025: Previous related Exchange Notice
Impact Assessment
Limited impact as this affects only one individual’s trading account. The case relates to stock recommendations made through media channels and social media platforms. The substantial penalty amount (₹11.37 crores) demonstrates SEBI’s strict enforcement against unlawful gains from market manipulation through media recommendations.
Impact Justification
Individual account de-freezing following regulatory compliance, limited broader market impact