Description

SEBI issues recovery certificate demanding payment from Alka Jain (PAN: ASJPJ4155A) in connection with front running activities involving Sapphire Intrex Limited as big client.

Summary

SEBI has issued Recovery Certificate No. 8966 of 2025 dated December 04, 2025, against Alka Jain (PAN: ASJPJ4155A) as a defaulter in a front running case. The matter involves front running activities where Sapphire Intrex Limited was identified as the big client. This is an enforcement action for recovery of outstanding amounts as per SEBI’s adjudication proceedings.

Key Points

  • Recovery Certificate Number: 8966 of 2025
  • Date of Issue: December 04, 2025
  • Defaulter: Alka Jain
  • PAN: ASJPJ4155A
  • Nature of Violation: Front Running
  • Big Client Involved: Sapphire Intrex Limited
  • Document Type: Notice of Demand for recovery

Regulatory Changes

This is an enforcement action rather than a regulatory change. It demonstrates SEBI’s continued crackdown on front running practices and market manipulation activities.

Compliance Requirements

  • Alka Jain is required to pay the demanded amount as specified in the recovery certificate
  • Non-compliance may lead to further recovery proceedings through authorized officers
  • The recovery certificate enables SEBI to pursue recovery through legal mechanisms

Important Dates

  • December 04, 2025: Date of Recovery Certificate issuance
  • Payment deadline and other specific dates would be mentioned in the detailed certificate

Impact Assessment

Market Impact: Limited - This is an individual enforcement action against a specific defaulter. While it reinforces SEBI’s stance against front running, it does not have broad market implications.

Compliance Impact: High for the defaulter - Recovery certificates enable SEBI to pursue stringent recovery mechanisms. This serves as a deterrent for market participants engaging in front running activities.

Stocks Affected: Sapphire Intrex Limited is mentioned as the big client in the front running scheme, though the company itself may not be culpable.

Precedent Value: This action continues SEBI’s pattern of pursuing recovery against individuals found guilty of front running, reinforcing the regulatory framework against such manipulative practices.

Impact Justification

Recovery certificate against individual for front running violations. High severity enforcement action but limited broader market impact as it targets specific defaulter.