Description

SEBI issues a General Remittance Order for Recovery Certificate No. 6461 of 2023 against Pinesh Nareshkumar Shah in the matter of BFL Asset Finvest Ltd (formerly BFL Developers Ltd).

Summary

SEBI has issued a General Remittance Order for Recovery Certificate No. 6461 of 2023 against Pinesh Nareshkumar Shah in connection with proceedings related to BFL Asset Finvest Ltd (formerly known as BFL Developers Ltd). This order pertains to debt recovery enforcement action by the securities regulator.

Key Points

  • Recovery Certificate No. 6461 of 2023 issued against Pinesh Nareshkumar Shah
  • Matter relates to BFL Asset Finvest Ltd (formerly BFL Developers Ltd)
  • General Remittance Order issued for compliance and recovery purposes
  • Enforcement action under SEBI’s recovery and compliance framework

Regulatory Changes

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

Compliance Requirements

  • Pinesh Nareshkumar Shah must comply with the recovery certificate order
  • Payment or remittance as specified in the recovery certificate
  • Adherence to timelines and procedures outlined in the order
  • Cooperation with SEBI’s recovery officers for debt settlement

Important Dates

  • Recovery Certificate issued: 2023
  • General Remittance Order date: November 27, 2025
  • Specific compliance deadlines would be mentioned in the detailed order

Impact Assessment

Market Impact: Minimal. This is an individual enforcement action with no broader market implications.

Regulatory Impact: Demonstrates SEBI’s continuing enforcement of recovery proceedings against individuals in securities market violations.

Investor Impact: No direct impact on general investors. Specific to debt recovery from the named individual in relation to BFL Asset Finvest Ltd matter.

Company Impact: Limited to BFL Asset Finvest Ltd and the specific recovery proceedings.

Impact Justification

Recovery certificate order affects specific individual and entity in debt recovery proceedings; limited market-wide impact but significant for parties involved