Description

SEBI has issued Recovery Certificate No. 8939 of 2025 dated November 14, 2025 against Ashish P Shah (PAN: AJRPS7737C) in connection with the Svarnim Trade Udyog Limited case for recovery of outstanding dues.

Summary

SEBI has issued Notice of Demand under Recovery Certificate No. 8939 of 2025 dated November 14, 2025 against Ashish P Shah (PAN: AJRPS7737C) in the matter of Svarnim Trade Udyog Limited. This recovery certificate represents enforcement action to recover outstanding dues owed to SEBI as a result of regulatory violations or non-compliance.

Key Points

  • Recovery Certificate No. 8939 of 2025 issued on November 14, 2025
  • Notice issued against: Ashish P Shah (PAN: AJRPS7737C)
  • Related entity: Svarnim Trade Udyog Limited
  • Represents formal demand for recovery of dues through legal enforcement mechanisms

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI recovery procedures.

Compliance Requirements

  • Ashish P Shah is required to comply with the recovery certificate and pay outstanding dues as demanded
  • Failure to comply may result in further enforcement actions including attachment of assets or other recovery proceedings
  • The concerned party should immediately engage with SEBI recovery officials to settle outstanding amounts

Important Dates

  • November 14, 2025: Date of issuance of Recovery Certificate No. 8939 of 2025
  • Payment deadline: As specified in the recovery certificate (refer to PDF for specific timeline)

Impact Assessment

Individual Impact: High - Recovery certificate against Ashish P Shah indicates significant financial liability and potential asset attachment if dues remain unpaid.

Entity Impact: High - Svarnim Trade Udyog Limited’s association with this recovery action may affect its regulatory standing and reputation.

Market Impact: Medium - Recovery certificates signal regulatory enforcement and may affect investor confidence in the related entity.

Precedent: This action demonstrates SEBI’s continued focus on recovering dues from non-compliant individuals and entities through formal legal mechanisms.

Impact Justification

Recovery certificate indicates serious compliance violations and enforcement action against an individual in relation to a listed entity, representing significant regulatory consequences