Description
SEBI issues recovery certificate demanding payment from Hitender Malhotra, Unitech Advisors India (now Auram Asset Management), Sanjay Chandra, Ramesh Chandra, and Ajay Chandra in CIG Realty Fund-Scheme I, II and IV matter.
Summary
SEBI has issued Notice of Demand under Recovery Certificate Number 8974 of 2025 dated December 15, 2025, to multiple defaulters in the matter of CIG Realty Fund-Scheme I, II and IV. The defaulters include Shri Hitender Malhotra (PAN: CDUPM8087L), Unitech Advisors India Private Limited (now known as Auram Asset Management Pvt. Ltd.) (PAN: AACCC5880D), Sanjay Chandra (PAN: AACPC5804C), Ramesh Chandra (PAN: AACPC5805D), and Ajay Chandra (PAN: AACPC5803F). All entities are held jointly and severally liable for the recovery amount.
Key Points
- Recovery Certificate Number: 8974 of 2025
- Date of Issue: December 15, 2025
- Five defaulters named with joint and several liability
- Related to CIG Realty Fund-Scheme I, II and IV
- Unitech Advisors India has been renamed to Auram Asset Management Pvt. Ltd.
- Formal enforcement action initiated for recovery of dues
Regulatory Changes
No regulatory framework changes. This is an enforcement action under existing SEBI recovery procedures.
Compliance Requirements
- All named defaulters must comply with the demand notice
- Payment of the recovery amount as specified in the certificate
- Joint and several liability means SEBI can recover the full amount from any one or combination of the defaulters
- Non-compliance may lead to further enforcement actions including attachment of assets
Important Dates
- December 15, 2025: Date of issuance of Recovery Certificate No. 8974/2025
- Payment deadline and other compliance timelines would be specified in the detailed notice
Impact Assessment
Market Impact: Limited direct market impact as this is an enforcement action against specific entities and individuals. However, it demonstrates SEBI’s continued focus on recovering dues from defaulters in investment fund matters.
Entities Affected:
- Hitender Malhotra (individual)
- Auram Asset Management Pvt. Ltd. (formerly Unitech Advisors India Private Limited)
- Sanjay Chandra (individual)
- Ramesh Chandra (individual)
- Ajay Chandra (individual)
Investors: Investors in CIG Realty Fund schemes may have potential recovery of their dues if SEBI successfully recovers the amounts from the defaulters.
Industry Impact: Reinforces regulatory accountability for fund managers and promoters. Sets precedent for joint and several liability in fund management violations.
Impact Justification
Recovery certificate issued against multiple entities and individuals for non-compliance in CIG Realty Fund schemes. Involves major enforcement action with joint and several liability.