Description

SEBI issues notice of attachment of demat accounts dated November 17, 2025 under Recovery Certificate No. 8931 of 2025 against Anup Karwa (PAN: BFNPK5368C) in the matter of Prakash Constrowell Limited (now Setubandhan Infrastructure Limited).

Summary

SEBI has issued a notice of attachment of demat accounts dated November 17, 2025, under Recovery Certificate No. 8931 of 2025. This enforcement action targets demat accounts held by Anup Karwa (PAN: BFNPK5368C) in connection with proceedings related to Prakash Constrowell Limited, which has been renamed as Setubandhan Infrastructure Limited. The attachment of demat accounts is a coercive recovery measure employed by SEBI to enforce payment of dues or penalties.

Key Points

  • Recovery Certificate No. 8931 of 2025 issued against Anup Karwa
  • PAN of the affected party: BFNPK5368C
  • Notice of attachment issued on November 17, 2025
  • Connected to proceedings involving Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
  • Demat accounts of Anup Karwa subject to attachment
  • Enforcement action under SEBI recovery proceedings

Regulatory Changes

No new regulatory changes introduced. This notice represents enforcement of existing SEBI recovery mechanisms through attachment of securities held in demat accounts.

Compliance Requirements

  • Depository Participants (DPs) must freeze/attach the specified demat accounts of Anup Karwa as per the notice
  • The affected party (Anup Karwa) cannot operate the attached demat accounts until the recovery proceedings are resolved
  • Any objections to the attachment must be filed as per the timelines specified in the recovery proceedings framework
  • DPs must comply with the attachment order and prevent any transactions in the attached accounts

Important Dates

  • November 17, 2025: Date of issuance of notice of attachment of demat accounts
  • Specific compliance deadlines would be mentioned in the detailed notice

Impact Assessment

For Anup Karwa: High impact - inability to access or transact in attached demat accounts until recovery proceedings conclude. This represents a significant enforcement action that restricts the individual’s ability to deal with securities held in the affected accounts.

For Market Participants: Limited direct impact, but serves as a reminder of SEBI’s enforcement capabilities in recovery proceedings.

For Setubandhan Infrastructure Limited (formerly Prakash Constrowell Limited): The company’s connection to this enforcement action may affect its reputation, though the primary target is the individual party.

Precedent Value: Demonstrates SEBI’s use of demat account attachment as an effective tool for recovery in enforcement cases, particularly in matters involving listed companies.

Impact Justification

Enforcement action involving attachment of demat accounts indicates serious recovery proceedings. High impact for the individual involved but medium overall importance as it relates to specific recovery proceedings against one party.