Description

SEBI issues a Notice of Demand under Recovery Certificate No. 9039 of 2026 dated February 18, 2026 against Equity Express Market and Research Services, Proprietor Mr. Rahul Arya (PAN: ANPPA2906H), for recovery of outstanding dues.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. 9039 of 2026, dated February 18, 2026, against Ms. Equity Express Market and Research Services, a proprietorship firm run by Mr. Rahul Arya (PAN: ANPPA2906H). This notice demands payment of outstanding dues as determined by SEBI’s earlier adjudication or settlement proceedings, and is part of SEBI’s enforcement recovery mechanism under the SEBI Act.

Key Points

  • Recovery Certificate No. 9039 of 2026 was issued on February 18, 2026 against Equity Express Market and Research Services.
  • The proprietor is Mr. Rahul Arya (PAN: ANPPA2906H).
  • This Notice of Demand formally calls upon the defaulter to pay the outstanding amount specified in the recovery certificate.
  • SEBI issues such notices as part of its recovery proceedings when penalties or disgorgement amounts remain unpaid after adjudication or settlement orders.
  • Failure to comply with the Notice of Demand can lead to attachment of bank accounts, demat accounts, and other assets.

Regulatory Changes

No new regulatory changes are introduced by this circular. This is an enforcement action under existing SEBI recovery proceedings framework.

Compliance Requirements

  • Defaulter (Equity Express Market and Research Services / Mr. Rahul Arya): Required to pay the outstanding dues specified in Recovery Certificate No. 9039 of 2026 within the stipulated timeframe mentioned in the notice.
  • Non-compliance may result in further enforcement actions including attachment of bank accounts, demat accounts, and movable/immovable properties.

Important Dates

  • Recovery Certificate Date: February 18, 2026
  • Notice of Demand Date: February 18, 2026
  • Payment deadline: As specified in the notice served to the defaulter (not publicly disclosed in the circular heading).

Impact Assessment

This circular has no impact on the broader market or other market participants. It is a targeted enforcement action against a specific individual/proprietorship. The action reflects SEBI’s ongoing efforts to recover dues from entities that have failed to comply with earlier penalty or disgorgement orders. Investors who may have dealt with Equity Express Market and Research Services as an investment adviser should be aware of the regulatory action against the firm.

Impact Justification

This is an individual enforcement/recovery action against a specific proprietorship entity (Equity Express Market and Research Services) and its proprietor. It has no broader market impact but signals SEBI's continued enforcement of recovery proceedings against non-compliant registered intermediaries.