Notice of Attachment of Bank Accounts and Demat Accounts - Investment Research Advisor and Algo System (Recovery Certificate No. RC 8971/2025)

Description

SEBI notice of attachment of bank and demat accounts against Investment Research Advisor (Proprietor Amit Gangrade) and Algo System (Proprietor Sudeep Gangrade) under Recovery Certificate No. 8971 of 2025, with Attachment Proceedings No. 15125 & 15126 of 2026.

Summary

SEBI has issued a notice of attachment of bank accounts and demat accounts under Attachment Proceedings No. 15125 & 15126 of 2026 dated January 01, 2026, against Investment Research Advisor (Proprietor – Amit Gangrade, PAN: AVRPG8196P) and Algo System (Proprietor – Sudeep Gangrade, PAN: GDTPS4158F) in the matter of Investment Research Advisor, under Recovery Certificate No. 8971 of 2025. This action is part of SEBI’s debt recovery mechanism for defaulters.

Key Points

• Recovery Certificate Number: RC 8971 of 2025
• Attachment Proceedings Numbers: AP No. 15125 & 15126 of 2026
• Notice Date: January 01, 2026
• Defaulting Entities:
  • Investment Research Advisor (Proprietor: Amit Gangrade, PAN: AVRPG8196P)
  • Algo System (Proprietor: Sudeep Gangrade, PAN: GDTPS4158F)
• Action Taken: Attachment of bank accounts and demat accounts

Regulatory Changes

No regulatory changes. This is an enforcement action under existing SEBI recovery mechanisms.

Compliance Requirements

• The attached bank and demat accounts of the defaulters are subject to SEBI’s recovery proceedings
• Banks and depositories are required to comply with the attachment orders
• The defaulters must settle outstanding dues as per the recovery certificate
• Third parties dealing with these entities should be aware of the attachment proceedings

Important Dates

• January 01, 2026: Notice of attachment issued
• Recovery Certificate No. 8971 issued in 2025

Impact Assessment

Market Impact: Low - This is an enforcement action against specific entities and does not affect broader market operations.

Regulatory Impact: High - Demonstrates SEBI’s active enforcement of recovery proceedings against defaulters. The attachment of both bank and demat accounts represents a strong enforcement measure.

Entity Impact: High - The named entities (Investment Research Advisor and Algo System) face severe restrictions with their accounts attached, preventing them from accessing or transferring funds until the recovery proceedings are resolved.

Investor Impact: Medium - Investors or clients of these entities may face difficulties in transactions or fund recovery. This notice serves as a public warning about dealing with these defaulting entities.

Impact Justification

High severity enforcement action involving attachment of bank and demat accounts for defaulters under recovery proceedings. Indicates serious regulatory non-compliance and ongoing debt recovery by SEBI.