Description
SEBI issues Recovery Certificate No. RC9022 of 2026 as Notice of Demand against Ratan Lal (PAN: ADGPL6812N) in connection with illiquid stock options matter.
Summary
SEBI has issued Recovery Certificate No. RC9022 of 2026 as a Notice of Demand against Ratan Lal (PAN: ADGPL6812N) in connection with an illiquid stock options matter. This is part of SEBI’s enforcement and recovery proceedings.
Key Points
- Recovery Certificate Number: RC9022 of 2026
- Individual: Ratan Lal
- PAN: ADGPL6812N
- Matter: Illiquid Stock Options
- Document Type: Notice of Demand
Regulatory Changes
No regulatory changes. This is an individual enforcement action.
Compliance Requirements
Ratan Lal is required to comply with the demand notice and recovery proceedings as specified in the certificate.
Important Dates
- Certificate Issue Date: February 9, 2026
- Specific payment deadlines and compliance dates are detailed in the recovery certificate document.
Impact Assessment
This is an individual enforcement action targeting a specific person in relation to illiquid stock options. The impact is limited to the individual named in the recovery certificate. No broader market impact is expected. This action demonstrates SEBI’s continued enforcement efforts in matters related to market manipulation and illiquid securities.
Impact Justification
Individual enforcement action with recovery certificate issued against specific person. High severity for the individual involved but low market-wide impact.