Description
SEBI issues Notice of Demand under Recovery Certificate No. 8975 of 2025 against Sheela Saha for dealings in illiquid stock options at BSE.
Summary
SEBI has issued a Notice of Demand dated December 19, 2025 under Recovery Certificate No. 8975 of 2025 against Sheela Saha in connection with dealings in illiquid stock options at the Bombay Stock Exchange (BSE). This document represents formal recovery proceedings initiated by the regulator to collect outstanding amounts pursuant to earlier enforcement actions.
Key Points
- Recovery Certificate No. 8975 of 2025 issued against Sheela Saha
- Matter relates to dealings in illiquid stock options at BSE
- Notice of Demand formally issued on December 19, 2025
- Part of SEBI’s enforcement and recovery framework
- Indicates prior adjudication or settlement proceedings against the individual
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI regulations governing market manipulation and recovery proceedings.
Compliance Requirements
- Sheela Saha is required to comply with the demand notice and pay outstanding amounts as specified in the recovery certificate
- Failure to comply may result in further recovery actions including attachment of assets
- The individual must respond within the timeline specified in the demand notice
Important Dates
- Notice Issue Date: December 19, 2025
- Recovery Certificate Number: 8975 of 2025
- Payment deadline and other procedural timelines as specified in the demand notice
Impact Assessment
Market Impact: Low - This is an individual enforcement action with no direct impact on market operations or broader trading activities.
Regulatory Significance: Medium - Demonstrates SEBI’s continued focus on enforcing actions against manipulation in illiquid stock options segments and pursuing recovery of penalties.
Compliance Impact: High for the individual concerned - Non-compliance can lead to asset attachment and further legal consequences.
This action is part of SEBI’s ongoing efforts to maintain market integrity and deter manipulative practices in derivatives segments, particularly in illiquid contracts where price manipulation is easier to execute.
Impact Justification
Enforcement action against individual for illiquid stock options manipulation with limited broader market impact