Description

SEBI completes Recovery Certificate No. 8914 of 2025 against Mr. Manjeet H Gandhi (PAN: BCFPG8204G) for Rs. 1,88,18,539 following payment of dues related to non-payment of broker registration fees.

Summary

SEBI’s Recovery and Refund Department (Recovery Division II) has completed Recovery Certificate No. 8914 of 2025 dated October 3, 2025, issued against Mr. Manjeet H Gandhi (PAN: BCFPG8204G). The certificate has been completed following full payment of the outstanding amount of Rs. 1,88,18,539/- (Rupees One Crore Eighty Eight Lakh Eighteen Thousand Five Hundred Thirty Nine Only) along with applicable interest, costs, charges, and expenses. The underlying default pertained to non-payment of Registration Fees levied by SEBI.

Key Points

  • Recovery Certificate No. 8914 of 2025 was originally drawn on October 3, 2025 against Mr. Manjeet H Gandhi (PAN: BCFPG8204G).
  • The outstanding amount was Rs. 1,88,18,539/- inclusive of further interest, costs, charges, and recovery expenses.
  • The default arose from non-payment of Registration Fees levied by SEBI vide Order No. WTM/MSS/MIRSD/25/2009 dated October 29, 2009.
  • The matter falls under the broader proceedings titled ‘Summary Proceedings against the Brokers who Defaulted in payment of Registration Fees.’
  • Full payment has been received; the Recovery Certificate is now formally completed.
  • Completion is exercised under sub-section (1) of Section 28A of the SEBI Act, 1992 read with Section 224 of the Income-tax Act, 1961.

Regulatory Changes

No new regulatory changes. This notice is administrative in nature, closing out an enforcement recovery action upon receipt of dues.

Compliance Requirements

No ongoing compliance requirements arise from this notice. The defaulter has discharged all dues under the Recovery Certificate. No action is required by other market participants.

Important Dates

  • October 29, 2009: Original SEBI order (WTM/MSS/MIRSD/25/2009) levying Registration Fees.
  • October 3, 2025: Recovery Certificate No. 8914 of 2025 drawn against Mr. Manjeet H Gandhi.
  • February 20, 2026: Completion of Recovery Certificate issued by the Recovery Officer, Mumbai.

Impact Assessment

This notice has no market-wide or sector-level impact. It represents the closure of a legacy enforcement matter dating back to 2009 concerning broker registration fee defaults. The completion of the certificate confirms that the defaulter has settled all outstanding dues, and the enforcement action is now resolved. No implications for active market participants, listed companies, or investors.

Impact Justification

This is a closure/completion notice for an existing recovery action; the dues have been paid and the matter is resolved. No new regulatory requirements or market-wide impact.