Description
SEBI issues notice of attachment of demat account for recovery proceedings against Mitesh Kaniyalal Thakkar in connection with SMS Techsoft (India) Limited under Recovery Certificate No. 4511 of 2022.
Summary
SEBI has issued a compliance order notifying the attachment of demat account(s) belonging to Mitesh Kaniyalal Thakkar as part of recovery proceedings under Recovery Certificate No. 4511 of 2022. This action is taken in connection with the matter of SMS Techsoft (India) Limited. The attachment is part of SEBI’s enforcement mechanism to recover dues from defaulters.
Key Points
- Recovery Certificate No. 4511 of 2022 issued against Mitesh Kaniyalal Thakkar
- Demat account(s) of the defaulter have been attached
- Action relates to SMS Techsoft (India) Limited matter
- Order issued on November 28, 2025
- Part of SEBI’s enforcement and recovery proceedings
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI recovery procedures.
Compliance Requirements
- Depositories and depository participants must comply with the attachment order
- No transactions should be permitted in the attached demat account(s) without SEBI approval
- The defaulter (Mitesh Kaniyalal Thakkar) must comply with recovery proceedings
- All concerned entities must cooperate with SEBI’s recovery efforts
Important Dates
- Order Date: November 28, 2025
- Recovery Certificate No.: 4511 of 2022
Impact Assessment
Direct Impact: High impact on Mitesh Kaniyalal Thakkar as the demat account attachment restricts all securities transactions and holdings. This enforcement action significantly affects the individual’s ability to deal in securities markets.
Market Impact: Limited direct market impact, but demonstrates SEBI’s active enforcement of recovery proceedings against defaulters. Serves as a deterrent for non-compliance with regulatory obligations.
Compliance Impact: Depositories and participants must ensure strict compliance with the attachment order, implementing necessary controls to prevent any unauthorized transactions in the specified demat account(s).
Impact Justification
Enforcement action involving attachment of demat account for recovery proceedings indicates serious compliance breach with high impact on the defaulter and potential market implications.