Description
SEBI issues notice of attachment of bank accounts and demat accounts under Recovery Certificate No. 8915 of 2025 against Saurabh Ashok Shinde in connection with Generic Engineering Construction and Project Limited matter.
Summary
SEBI has issued a Notice of Attachment dated October 27, 2025, under Recovery Certificate No. 8915 of 2025 against Saurabh Ashok Shinde in connection with the matter of Generic Engineering Construction and Project Limited. This notice authorizes the attachment of specified bank accounts and demat accounts to facilitate recovery of dues as determined by SEBI.
Key Points
- Notice of Attachment issued under Recovery Certificate No. 8915 of 2025
- Action taken against Saurabh Ashok Shinde
- Related to Generic Engineering Construction and Project Limited matter
- Attachment applies to bank accounts and demat accounts
- Issued on October 27, 2025
- Part of SEBI’s recovery enforcement mechanism
Regulatory Changes
No new regulatory changes. This is an enforcement action under existing SEBI recovery procedures pursuant to the Securities and Exchange Board of India Act, 1992 and relevant regulations.
Compliance Requirements
- Banks and depository participants holding accounts in the name of Saurabh Ashok Shinde are required to comply with the attachment order
- Frozen accounts cannot be operated until further orders from SEBI or the recovery officer
- Financial institutions must provide account details and balances as per the attachment notice
- The concerned individual (Saurabh Ashok Shinde) is prohibited from withdrawing, transferring, or dealing with the attached assets
Important Dates
- Notice Date: October 27, 2025
- Recovery Certificate Number: 8915 of 2025
- Effective Date: October 27, 2025 (date of notice issuance)
Impact Assessment
Direct Impact: High severity action against Saurabh Ashok Shinde with immediate freeze on financial assets including bank and demat accounts. This restricts the individual’s access to attached funds and securities.
Market Impact: Limited direct market impact unless the attachment involves substantial holdings that could affect trading or corporate governance of Generic Engineering Construction and Project Limited.
Enforcement Signal: Demonstrates SEBI’s continued use of asset attachment mechanisms to enforce recovery of dues in cases involving securities market violations. This serves as a deterrent for non-compliance with SEBI orders and dues.
Legal Implications: The attachment remains in force until the recovery proceedings are completed or SEBI issues further orders. The affected individual may challenge the attachment through appropriate legal remedies.
Impact Justification
High severity enforcement action involving attachment of bank and demat accounts under recovery proceedings. Directly impacts the named individual and relates to ongoing SEBI enforcement matter regarding Generic Engineering Construction and Project Limited.