Description

SEBI issues notice of attachment of demat account for recovery proceedings under Certificate No. 5549 of 2022 in the matter of SMS Techsoft (India) Limited against Mitesh Kaniyalal Thakkar.

Summary

SEBI has issued an order for compliance regarding the attachment of a demat account for recovery purposes under Recovery Certificate No. 5549 of 2022. This action is taken against Mitesh Kaniyalal Thakkar in connection with proceedings related to SMS Techsoft (India) Limited. The order directs depositories and depository participants to comply with the attachment notice to facilitate recovery of dues.

Key Points

  • Recovery Certificate No. 5549 of 2022 issued against Mitesh Kaniyalal Thakkar
  • Order relates to enforcement proceedings in the matter of SMS Techsoft (India) Limited
  • Notice of attachment issued for demat account holdings
  • Depositories and depository participants required to comply with attachment order
  • Document published on November 28, 2025

Regulatory Changes

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

Compliance Requirements

  • Depositories and depository participants must attach the specified demat account of Mitesh Kaniyalal Thakkar
  • No transactions or withdrawals to be permitted from the attached demat account without SEBI approval
  • Depositories must maintain records of the attachment and report compliance to SEBI
  • The attachment remains in effect until further orders from SEBI or the Recovery Officer

Important Dates

  • Order Date: November 28, 2025 (document publication date)
  • Recovery Certificate No.: 5549 of 2022
  • Effective Date: Immediate upon receipt of the attachment notice by depositories

Impact Assessment

Direct Impact: Mitesh Kaniyalal Thakkar’s demat account will be frozen, preventing any sale, transfer, or withdrawal of securities held in the account. This represents a significant enforcement action aimed at recovering dues owed to SEBI or affected parties.

Market Impact: Limited direct market impact, but serves as a warning about SEBI’s enforcement capabilities in recovery proceedings. The action demonstrates SEBI’s authority to attach demat accounts to secure recovery of outstanding amounts in enforcement cases.

Compliance Implications: Depositories and depository participants must ensure strict compliance with the attachment order. Failure to comply could result in penalties and regulatory action against the intermediaries.

Impact Justification

SEBI enforcement action involving attachment of demat account for recovery proceedings indicates serious compliance violation with direct impact on the individual's securities holdings