Description

SEBI issues notice of attachment of demat account for recovery of dues from Mitesh Kaniyalal Thakkar in the matter of SMS Techsoft (India) Limited under Recovery Certificate No. 5552 of 2022.

Summary

SEBI has issued an order for compliance regarding the attachment of demat account belonging to Mitesh Kaniyalal Thakkar for recovery of dues under Recovery Certificate No. 5552 of 2022. This action is taken in connection with the matter of SMS Techsoft (India) Limited. The attachment order restricts the defaulter’s access to and transactions in their demat account until the outstanding dues are recovered.

Key Points

  • Recovery Certificate No. 5552 of 2022 issued against Mitesh Kaniyalal Thakkar
  • Action relates to SMS Techsoft (India) Limited matter
  • Demat account of the defaulter to be attached for recovery purposes
  • Enforcement action under SEBI’s debt recovery mechanism
  • Order issued on November 28, 2025

Regulatory Changes

No new regulatory framework changes. This is an enforcement action under existing SEBI recovery provisions and procedures for debt recovery through attachment of securities accounts.

Compliance Requirements

  • Depositories and depository participants must comply with the attachment order
  • No debit transactions to be permitted in the attached demat account
  • Mitesh Kaniyalal Thakkar must clear outstanding dues to release the attachment
  • Concerned entities must cooperate with SEBI’s recovery proceedings
  • Reporting of compliance with attachment order as per SEBI directions

Important Dates

  • Order Date: November 28, 2025
  • Recovery Certificate Date: 2022 (RC No. 5552/2022)
  • Attachment effective immediately upon issuance of order

Impact Assessment

Direct Impact:

  • Mitesh Kaniyalal Thakkar’s demat account frozen/attached, preventing any transactions
  • Restricted access to securities holdings until dues are cleared
  • Enforcement action demonstrates SEBI’s stringent recovery mechanisms

Market Impact:

  • Limited direct market impact as action is against individual defaulter
  • Reinforces SEBI’s commitment to recovering dues and enforcing compliance
  • Serves as deterrent for non-compliance with SEBI orders and dues payment

Operational Impact:

  • Depositories must implement attachment restrictions immediately
  • Enhanced scrutiny on recovery proceedings related to SMS Techsoft matter
  • Demonstrates escalation in debt recovery process through asset attachment

Impact Justification

High severity enforcement action involving attachment of demat account for recovery of dues. Affects individual investor/entity with direct impact on securities holdings and trading rights.