Description
SEBI order for attachment of demat account in the matter of SMS Techsoft (India) Limited under Recovery Certificate No. 4514 of 2022 against defaulter Mitesh Kaniyalal Thakkar.
Summary
SEBI has issued an order for compliance regarding the attachment of a demat account under Recovery Certificate No. 4514 of 2022. The order pertains to Mitesh Kaniyalal Thakkar in connection with the matter of SMS Techsoft (India) Limited. This is an enforcement action taken by SEBI’s Recovery Department to recover outstanding dues.
Key Points
- Recovery Certificate Number: 4514 of 2022
- Defaulter: Mitesh Kaniyalal Thakkar
- Related Entity: SMS Techsoft (India) Limited
- Action Type: Notice of Attachment of Demat Account
- Document dated: November 28, 2025
- Enforcement mechanism utilized for debt recovery
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI recovery regulations.
Compliance Requirements
- Depositories and Depository Participants must comply with the attachment order for the specified demat account(s)
- The demat account(s) belonging to Mitesh Kaniyalal Thakkar must be frozen/attached as per the recovery certificate
- No transactions should be permitted in the attached account(s) until further orders from SEBI
- Concerned intermediaries must acknowledge and implement the attachment order
Important Dates
- Order Issue Date: November 28, 2025
- Recovery Certificate No.: 4514 of 2022
Impact Assessment
Individual Impact: High impact on Mitesh Kaniyalal Thakkar as demat account attachment prevents trading and securities transactions until dues are recovered.
Market Impact: Limited direct market impact. This is a specific enforcement action against an individual defaulter.
Institutional Impact: Demonstrates SEBI’s active use of recovery mechanisms including demat account attachments to enforce payment of dues. Signals to market participants that SEBI will utilize all available legal remedies for debt recovery.
Precedent Value: Part of SEBI’s ongoing enforcement activities related to SMS Techsoft (India) Limited matter, showing regulatory persistence in recovery proceedings.
Impact Justification
Enforcement action involving demat account attachment for debt recovery. High severity for the individual involved (Mitesh Kaniyalal Thakkar) but limited market-wide impact. Medium importance as it demonstrates SEBI's active debt recovery enforcement mechanism in the SMS Techsoft (India) Limited matter.