Description

SEBI issues Notice of Demand under Recovery Certificate RC9043 of 2026 against Amit Shaw (PAN: BEJPS1492A) for recovery of dues in the matter of Illiquid Stock Options trading violations on BSE.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9043 of 2026 against Amit Shaw (PAN: BEJPS1492A) in the matter of Illiquid Stock Options. This notice is part of SEBI’s ongoing enforcement and recovery proceedings against individuals and entities found to have engaged in non-genuine trades in BSE’s illiquid stock options segment. The Recovery Certificate enables SEBI to recover outstanding dues — penalties, disgorgement amounts, or interest — as arrears of land revenue under Section 28A of the SEBI Act, 1992.

Key Points

  • Recovery Certificate No. RC9043 of 2026 issued against Amit Shaw (PAN: BEJPS1492A)
  • Proceedings relate to trading violations in illiquid stock options on BSE
  • Notice of Demand issued pursuant to an earlier adjudication order imposing penalties/disgorgement
  • Part of SEBI’s wider enforcement sweep covering the BSE illiquid stock options manipulation investigation (April 2014 – September 2015 investigation period)
  • SEBI acting under Section 28A of the SEBI Act, 1992 to recover dues as arrears of land revenue
  • Defaulter required to make payment within the stipulated period or face attachment of bank/demat accounts and other assets

Regulatory Changes

No new regulatory changes. This document enforces existing provisions of:

  • Section 28A of the SEBI Act, 1992 (recovery of amounts)
  • SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003
  • SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995

Compliance Requirements

  • Amit Shaw (PAN: BEJPS1492A) is required to pay the demanded amount within the period specified in the notice
  • Failure to comply may result in attachment and sale of bank accounts, demat accounts, and other movable/immovable property
  • The defaulter must not transfer, alienate, or encumber assets during the recovery period without SEBI’s permission
  • Payment must be made to SEBI as directed in the notice

Important Dates

  • Recovery Certificate RC9043 of 2026 issued: February 2026
  • Notice of Demand date: February 18, 2026
  • Underlying investigation period (BSE Illiquid Stock Options): April 1, 2014 – September 30, 2015

Impact Assessment

This is an individual recovery proceeding with no direct market-wide impact. It forms part of SEBI’s systematic effort to recover dues from entities and individuals penalised in the BSE Illiquid Stock Options matter — one of the largest market manipulation investigations in Indian capital markets history. The broader series (RC9040–RC9044 issued concurrently in February 2026) signals continued regulatory follow-through on adjudication orders. For the named defaulter, non-compliance could result in coercive recovery action including attachment of bank and demat accounts.

Impact Justification

Routine recovery proceeding against an individual as part of SEBI's broader Illiquid Stock Options enforcement series. Limited market-wide impact; relevant primarily to the named defaulter.