Description

SEBI issued notice(s) of attachment of bank and demat accounts dated January 07, 2026 under Recovery Certificate No. 8975 of 2025 against Sheela Saha in the matter of dealing in illiquid stock options at BSE.

Summary

SEBI has issued notice(s) of attachment dated January 07, 2026 under Recovery Certificate No. 8975 of 2025 drawn against Sheela Saha. This enforcement action relates to a matter involving dealings in illiquid stock options at the Bombay Stock Exchange (BSE). The notice authorizes the attachment of bank accounts and demat accounts to facilitate recovery of outstanding dues.

Key Points

  • Recovery Certificate Number: 8975 of 2025
  • Defaulter: Sheela Saha
  • Nature of violation: Dealing in illiquid stock options at BSE
  • Action taken: Attachment of bank accounts and demat accounts
  • Notice date: January 07, 2026
  • Multiple notices issued under the same recovery certificate

Regulatory Changes

No new regulatory changes introduced. This is an enforcement action under existing SEBI recovery procedures.

Compliance Requirements

  • Financial institutions holding bank accounts or demat accounts of Sheela Saha must comply with the attachment orders
  • Banks and depositories are required to freeze the specified accounts and prevent withdrawals or transfers
  • The attached funds/securities are to be held pending further instructions from SEBI or the recovery officer
  • Failure to comply with attachment notices may result in penalties or legal consequences for the financial institutions

Important Dates

  • January 07, 2026: Date of issuance of notice(s) of attachment
  • Recovery Certificate issued in 2025 (RC No. 8975 of 2025)

Impact Assessment

Individual Impact: High - The defaulter Sheela Saha will face immediate freezing of bank and demat accounts, preventing access to funds and securities. This is a severe enforcement measure that restricts financial transactions until the matter is resolved.

Market Impact: Low - This is an individual enforcement action and does not have broader market implications. However, it demonstrates SEBI’s continued vigilance in pursuing cases related to illiquid stock option manipulation.

Regulatory Precedent: The action reinforces SEBI’s commitment to recovering dues from entities involved in market manipulation activities, particularly in the illiquid stock options segment. It serves as a deterrent for similar violations and demonstrates the use of attachment mechanisms as a recovery tool.

Procedural Note: The issuance of multiple notices under the same recovery certificate suggests attachment orders may have been directed to multiple financial institutions or depositories where the defaulter maintains accounts.

Impact Justification

High severity enforcement action involving attachment of bank and demat accounts for recovery of dues in illiquid stock options trading case. Medium importance as it affects specific individual (Sheela Saha) rather than broader market. High impact for the individual subject to attachment proceedings.