Description

SEBI remittance advice against Hitender Malhotra, Unitech Advisors India (now Auram Asset Management), Sanjay Chandra, Ramesh Chandra, and Ajay Chandra in the matter of inspection of CIG Realty Fund Scheme I, II and IV under Recovery Certificate No. 8974 of 2025.

Summary

SEBI has issued a Remittance Advice against Shri Hitender Malhotra (PAN: CDUPM8087L), Unitech Advisors India Private Limited (now known as Auram Asset Management Pvt Ltd, PAN: AACCC5880D), Sanjay Chandra (PAN: AACPC5804C), Ramesh Chandra (PAN: AACPC5805D), and Ajay Chandra (PAN: AACPC5803F) in connection with the inspection of CIG Realty Fund Scheme I, II and IV. This notice is issued under Recovery Certificate No. 8974 of 2025, indicating that recovery proceedings have been initiated or funds have been remitted pursuant to SEBI’s enforcement action.

Key Points

  • Remittance advice issued under Recovery Certificate No. 8974 of 2025
  • Five parties named: Hitender Malhotra, Unitech Advisors India Pvt Ltd (now Auram Asset Management Pvt Ltd), Sanjay Chandra, Ramesh Chandra, and Ajay Chandra
  • Matter relates to the inspection of CIG Realty Fund Scheme I, II and IV
  • Unitech Advisors India has been renamed/reconstituted as Auram Asset Management Pvt Ltd
  • The Chandra family members (Sanjay, Ramesh, Ajay) are individually named as defaulters

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action pursuant to existing SEBI orders and recovery certificate proceedings against named individuals and entities.

Compliance Requirements

  • Named parties are required to remit outstanding dues as specified in Recovery Certificate No. 8974 of 2025
  • Parties must comply with SEBI’s recovery proceedings under the SEBI Act and relevant enforcement regulations
  • Any entity dealing with the named parties should be aware of the outstanding recovery certificate

Important Dates

  • Recovery Certificate No. 8974 issued: 2025 (exact date in PDF)
  • Remittance Advice date: February 19, 2026
  • Compliance/payment deadlines: As specified in the recovery certificate and accompanying notice

Impact Assessment

This document has minimal direct market impact. It is an administrative enforcement action targeting specific individuals and entities associated with the CIG Realty Fund collective investment scheme. Investors in CIG Realty Fund Scheme I, II and IV may be indirectly affected if recovered amounts are redistributed. The renaming of Unitech Advisors India to Auram Asset Management Pvt Ltd is noted for regulatory tracking purposes. No listed stocks are directly implicated.

Impact Justification

Administrative enforcement/recovery action against specific named individuals and entities in a concluded collective investment scheme matter; no broad market impact.