Description
SEBI issues recovery certificate and notice of demand against Subhas Chandra Agarwala (PAN: AFLPA1319L) in connection with the illiquid stock options matter.
Summary
SEBI has issued Recovery Certificate No. RC9024 of 2026 along with a Notice of Demand against Subhas Chandra Agarwala (PAN: AFLPA1319L) in connection with the illiquid stock options matter. This is part of SEBI’s enforcement proceedings for recovery of dues related to violations in illiquid stock options trading.
Key Points
- Recovery Certificate Number: RC9024 of 2026
- Name of Noticee: Subhas Chandra Agarwala
- PAN: AFLPA1319L
- Matter: Illiquid Stock Options case
- Document Type: Notice of Demand for recovery proceedings
- Issued Date: February 9, 2026
Regulatory Changes
No new regulatory changes. This is an enforcement action under existing SEBI regulations related to illiquid stock options trading violations.
Compliance Requirements
The noticee (Subhas Chandra Agarwala) is required to:
- Comply with the recovery certificate issued by SEBI
- Pay the demanded amount as per the recovery proceedings
- Respond to the notice of demand within the specified timeline
Important Dates
- Certificate Issue Date: February 9, 2026
- Payment/Response deadlines would be specified in the detailed recovery certificate
Impact Assessment
This is an individual enforcement action with no direct impact on market operations or trading activities. The action is specific to one entity involved in the illiquid stock options matter and reflects SEBI’s continued enforcement efforts in cleaning up market manipulation cases. Market participants should note SEBI’s active pursuit of recovery in cases related to illiquid stock manipulation.
Impact Justification
Enforcement action against individual entity in illiquid stock options case. High severity for named individual but low market-wide impact.