Description

SEBI issued notice(s) of attachment of bank accounts and demat accounts under Recovery Certificate No. 8257 of 2024 against VS Shah in connection with the Initial Share Offering (ISO) matter at BSE.

Summary

SEBI has issued notice(s) of attachment dated October 23, 2025 under Recovery Certificate No. 8257 of 2024 against VS Shah. This enforcement action involves attachment of bank accounts and demat accounts in connection with recovery proceedings related to an Initial Share Offering (ISO) matter at BSE.

Key Points

  • Notice(s) of attachment issued under Recovery Certificate No. 8257 of 2024
  • Action taken against VS Shah
  • Related to Initial Share Offering (ISO) matter at BSE
  • Involves attachment of bank accounts and demat accounts
  • Dated October 23, 2025

Regulatory Changes

No new regulatory changes introduced. This is an enforcement action under existing recovery provisions.

Compliance Requirements

  • Banks and depository participants must comply with the attachment order
  • Affected accounts will be frozen as per the notice
  • No withdrawals or transactions permitted from attached accounts without SEBI approval
  • VS Shah must respond to recovery proceedings

Important Dates

  • October 23, 2025: Date of notice(s) of attachment

Impact Assessment

Direct Impact:

  • VS Shah’s bank accounts and demat accounts will be attached/frozen
  • Prevents dissipation of assets during recovery proceedings
  • Strong enforcement signal for ISO-related violations

Market Impact:

  • Demonstrates SEBI’s commitment to recovering dues from violators
  • Reinforces consequences for non-compliance with ISO regulations
  • Sets precedent for future recovery actions in similar cases

Compliance Impact:

  • Financial institutions must honor attachment orders promptly
  • Highlights importance of compliance with BSE ISO norms
  • Underscores regulatory risk for entities involved in irregular ISOs

Impact Justification

Attachment of bank and demat accounts represents serious enforcement action in recovery proceedings related to Initial Share Offering violations at BSE