Description

SEBI issues a Release Order lifting enforcement/attachment measures against defaulter Megha Nibhwani (PAN: AXPPN4024M) in the matter of ISO at BSE, pursuant to the completion of Recovery Certificate No. 8978 of 2025.

Summary

SEBI has issued a Release Order in respect of defaulter Megha Nibhwani (PAN: AXPPN4024M) in the matter of ISO at BSE, pertaining to Recovery Certificate No. 8978 of 2025. A Release Order is issued by SEBI to lift or release attachment and enforcement measures that were imposed under the recovery certificate, typically upon satisfaction of the outstanding dues or fulfilment of the conditions set out in the recovery proceedings.

Key Points

  • Release Order issued in respect of Megha Nibhwani, PAN: AXPPN4024M
  • Relates to Recovery Certificate No. 8978 of 2025
  • Matter pertains to ISO (Initial/Securities Operations) at BSE
  • Order published on February 20, 2026
  • Release signifies the lifting of attachment/enforcement measures previously imposed on the defaulter
  • Linked to the completion of Recovery Certificate No. 8978 of 2025 (dated December 19, 2025)

Regulatory Changes

No new regulatory changes introduced. This is an enforcement resolution order concluding existing recovery proceedings under SEBI’s recovery certificate mechanism.

Compliance Requirements

This order is specific to Megha Nibhwani. The release of enforcement measures indicates that the defaulter has satisfied their obligations under the recovery certificate. No compliance obligations are imposed on other market participants or entities.

Important Dates

  • Recovery Certificate No. 8978 originally issued: December 19, 2025
  • Release Order published: February 20, 2026

Impact Assessment

This is an individual enforcement matter with no broader market or systemic impact. The release order resolves the specific recovery proceedings against the named defaulter. Market participants, investors, and other regulated entities are not directly affected by this order.

Impact Justification

Individual enforcement resolution against a single named defaulter; the release order concludes recovery proceedings and has no broader market or systemic impact.