Description

SEBI issues notice of attachment of bank and demat accounts against Investment Research Advisor (Amit Gangrade) and Algo System (Sudeep Gangrade) under Recovery Certificate No. 8972 of 2025.

Summary

SEBI has issued an attachment notice (AP No. 15127 & 15128 of 2026) dated January 01, 2026, for bank accounts and demat accounts of two defaulters: Investment Research Advisor (Proprietor: Amit Gangrade, PAN: AVRPG8196P) and Algo System (Proprietor: Sudeep Gangrade, PAN: GDTPS4158F). This action is taken under Recovery Certificate No. 8972 of 2025 in the matter of Investment Research Advisor.

Key Points

  • Attachment orders issued against Investment Research Advisor and Algo System
  • Proprietors identified as Amit Gangrade (PAN: AVRPG8196P) and Sudeep Gangrade (PAN: GDTPS4158F)
  • Application Numbers: AP No. 15127 and AP No. 15128 of 2026
  • Recovery Certificate No. 8972 of 2025
  • Attachment covers both bank accounts and demat accounts

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing recovery proceedings framework.

Compliance Requirements

Banks and depository participants are required to comply with the attachment orders and freeze the specified accounts of the defaulters until further orders from SEBI or the recovery officer.

Important Dates

  • Attachment Order Date: January 01, 2026
  • Application Numbers: AP No. 15127 & 15128 of 2026

Impact Assessment

This is a specific enforcement action targeting two entities that have defaulted on their obligations. The impact is limited to the affected proprietors and their business operations. Banks and depositories holding accounts for these entities must comply with the attachment orders. This notice serves as a deterrent for market participants to comply with SEBI regulations and financial obligations. There is no direct impact on broader market operations or other market participants.

Impact Justification

Enforcement action against specific defaulters under recovery proceedings. High severity for the affected entities but limited broader market impact.