SEBI Compliance Notices - Attachment of Bank and Demat Accounts under RC No. 7025 of 2023 against Yogendra Bisay and Jitendra Bisay

Description

SEBI issues notices of attachment for bank and demat accounts of defaulters Mr. Yogendra Bisay (PAN: AFQPB2353A) and Mr. Jitendra Bisay (PAN: AFZPB2659A) under Recovery Certificate No. 7025 of 2023.

Summary

SEBI has issued compliance notices for the attachment of bank and demat accounts belonging to Mr. Yogendra Bisay (PAN: AFQPB2353A) and Mr. Jitendra Bisay (PAN: AFZPB2659A) under Recovery Certificate No. 7025 of 2023. This order is part of SEBI’s enforcement and recovery proceedings against defaulters who have failed to comply with regulatory requirements or pay dues to the regulator.

Key Points

• Recovery Certificate No. 7025 of 2023 issued against two individuals
• Defaulter 1: Mr. Yogendra Bisay (PAN: AFQPB2353A)
• Defaulter 2: Mr. Jitendra Bisay (PAN: AFZPB2659A)
• Action taken: Attachment of bank accounts and demat accounts
• This is a compliance notice indicating enforcement action is underway
• The attachment prevents the defaulters from operating or withdrawing from the specified accounts

Regulatory Changes

No new regulatory framework changes. This order represents enforcement of existing SEBI regulations under the recovery and enforcement provisions.

Compliance Requirements

• Banks and depositories are required to comply with the attachment notices
• The specified bank and demat accounts must be frozen/attached as per the recovery certificate
• Financial institutions must not permit any transactions in the attached accounts without SEBI approval
• The defaulters are required to settle their outstanding dues to SEBI to have the attachments released

Important Dates

• Order date: January 27, 2026
• Recovery Certificate No.: RC 7025 of 2023 (original certificate issued in 2023)

Impact Assessment

Impact on Named Individuals: High - The attachment of bank and demat accounts significantly restricts the financial activities of Mr. Yogendra Bisay and Mr. Jitendra Bisay until the recovery dues are settled.

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

Institutional Impact: Medium - Banks and depositories holding accounts for these individuals must implement the attachment orders and ensure compliance with SEBI’s recovery proceedings.

This enforcement action demonstrates SEBI’s continued efforts to recover dues from defaulters through attachment of financial assets.

Impact Justification

Enforcement action involving attachment of bank and demat accounts of defaulters under recovery proceedings. High impact for the individuals named but medium importance for broader market as it relates to specific enforcement case.