Description
SEBI notice for attachment of demat accounts dated November 17, 2025 under Recovery Certificate No. 8929 of 2025 issued against Prafulla Subhash Chandra Bhat (PAN: AMEPB0155F) 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. 8929 of 2025 against Prafulla Subhash Chandra Bhat (PAN: AMEPB0155F). This enforcement action is in relation to the matter of Prakash Constrowell Limited (now known as Setubandhan Infrastructure Limited). The notice authorizes attachment of demat accounts to recover outstanding dues.
Key Points
- Recovery Certificate No. 8929 of 2025 issued against Prafulla Subhash Chandra Bhat
- Notice dated November 17, 2025
- PAN of noticee: AMEPB0155F
- Related to matter of Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
- Enforcement action involves attachment of demat accounts
- Legal action under SEBI recovery proceedings
Regulatory Changes
No new regulatory changes. This is an enforcement action under existing SEBI recovery mechanisms for outstanding dues.
Compliance Requirements
- Depositories and depository participants must comply with the attachment notice
- Demat accounts of Prafulla Subhash Chandra Bhat must be frozen/attached as per the recovery certificate
- No transactions to be permitted in the attached demat accounts until further orders
- Entities holding demat accounts for the noticee must comply with SEBI’s attachment directions
Important Dates
- November 17, 2025: Date of Notice of Attachment
- Recovery Certificate No. 8929 of 2025: Issued in 2025
Impact Assessment
Individual Impact: High - The attachment of demat accounts directly affects Prafulla Subhash Chandra Bhat’s ability to trade or transfer securities, effectively freezing holdings until the recovery proceedings are resolved.
Market Impact: Low to Medium - While this is a significant enforcement action, it affects a specific individual in relation to a particular company matter. The impact is primarily on the noticee and related parties rather than broader market operations.
Company Impact: Medium - The matter relates to Prakash Constrowell Limited (now Setubandhan Infrastructure Limited), suggesting historical regulatory issues with the company that may affect investor perception.
Precedent: This action demonstrates SEBI’s active use of recovery mechanisms and attachment powers to enforce regulatory compliance and recover dues from violators.
Impact Justification
Enforcement action involving attachment of demat accounts indicates serious regulatory violations with direct impact on the individual's securities holdings. High impact on the noticee but medium overall market importance.