Description

Completion of recovery certificate against VS Shah for non-payment of penalty of Rs. 5,96,000 in the matter of Illiquid Stock Options at BSE.

Summary

SEBI’s Recovery Officer has issued a Certificate of Completion dated 24.10.2025 for Recovery Certificate No. 8257 of 2024 drawn against VS Shah (PAN: AAGFV6335B). The certificate was originally issued for recovery of Rs. 5,96,000 (Rupees Five Lakhs Ninety-Six Thousand only) plus interest and costs for non-payment of penalty imposed in the matter of Illiquid Stock Options at BSE. The recovery certificate has been completed following payment of the amount due.

Key Points

  • Recovery Certificate No. 8257 of 2024 was originally issued on 30.10.2024 against VS Shah (PAN: AAGFV6335B)
  • The recovery was for Rs. 5,96,000 along with interest, costs, charges and expenses
  • The penalty was imposed by Adjudicating Officer vide Order No. Order/SM/AD/2023-24/26087 dated 28.04.2023
  • The case relates to Illiquid Stock Options at BSE
  • The defaulter has paid the amount due, leading to completion of the recovery certificate
  • Certificate completed under sub-section (1) of section 28A of SEBI Act, 1992 read with section 224 and rule 12 of the Second Schedule to the Income-tax Act, 1961

Regulatory Changes

No regulatory changes introduced. This is an administrative notice regarding completion of recovery proceedings.

Compliance Requirements

No new compliance requirements. This document confirms that the defaulter has fulfilled the payment obligation under the recovery certificate.

Important Dates

  • 28.04.2023: Date of Adjudicating Officer’s penalty order
  • 30.10.2024: Date when Recovery Certificate No. 8257 of 2024 was originally issued
  • 24.10.2025: Date of Certificate of Completion issued from Mumbai

Impact Assessment

This is a case-specific enforcement completion notice with no broader market impact. It confirms successful recovery of penalty amount from an individual defaulter in a matter related to Illiquid Stock Options at BSE. The notice demonstrates SEBI’s enforcement mechanism and recovery procedures but does not introduce any changes to trading rules, compliance requirements, or market operations.

Impact Justification

Administrative completion notice for a specific enforcement case against an individual defaulter. No market-wide implications or regulatory changes.