Description
SEBI issues notice of attachment of demat accounts against Prafulla Subhash Chandra Bhat under recovery proceedings RC 8928/2025 related to 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. 8928 of 2025 against Prafulla Subhash Chandra Bhat (PAN: AMEPB0155F) in connection with the matter of Prakash Constrowell Limited, which has been renamed as Setubandhan Infrastructure Limited. This action is part of SEBI’s enforcement and recovery proceedings.
Key Points
- Recovery Certificate Number: RC 8928 of 2025
- Person against whom action is taken: Prafulla Subhash Chandra Bhat
- PAN of the person: AMEPB0155F
- Type of attachment: Demat Accounts
- Related company: Prakash Constrowell Limited (now Setubandhan Infrastructure Limited)
- Notice date: November 17, 2025
- Category: Enforcement - Recovery Proceedings
Regulatory Changes
This notice represents an enforcement action under SEBI’s recovery proceedings framework. The attachment of demat accounts is a regulatory measure to secure potential dues or penalties arising from violations or non-compliance related to securities market regulations.
Compliance Requirements
- The demat accounts of Prafulla Subhash Chandra Bhat are subject to attachment orders
- Depositories and depository participants must comply with the attachment notice
- No transactions should be permitted in the attached demat accounts without SEBI’s approval
- The person concerned must respond to the recovery proceedings as per SEBI regulations
Important Dates
- Notice Issue Date: November 17, 2025
- Recovery Certificate: RC 8928 of 2025
Impact Assessment
Individual Impact: High - The attachment of demat accounts restricts the ability of Prafulla Subhash Chandra Bhat to deal with securities held in the attached accounts, preventing sale, transfer, or pledge of securities.
Company Impact: Medium to High - As this relates to Prakash Constrowell Limited (now Setubandhan Infrastructure Limited), the enforcement action may impact stakeholder confidence and could indicate ongoing regulatory scrutiny of the company’s past activities.
Market Impact: Medium - Enforcement actions involving attachment of demat accounts signal SEBI’s active pursuit of recovery in cases of regulatory violations, reinforcing market discipline.
Investor Impact: Investors in Setubandhan Infrastructure Limited (formerly Prakash Constrowell Limited) should be aware of ongoing enforcement proceedings which may have implications for corporate governance and past activities of the company.
Impact Justification
Enforcement action involving attachment of demat accounts indicates serious regulatory proceedings and potential financial recovery measures against an individual related to a listed company matter