Description
SEBI has issued Recovery Certificate No. RC9011 of 2026 under A.P. Nos. 15166 & 15167 against Kusum Devi Agarwal (PAN: AFBPA5176P) for recovery of dues arising from adjudication orders in the matter of Illiquid Stock Options.
Summary
SEBI has issued Recovery Certificate No. RC9011 of 2026 under Adjudication Proceedings (A.P.) Nos. 15166 & 15167 against Kusum Devi Agarwal (PAN: AFBPA5176P) in connection with the Illiquid Stock Options matter. This notice of demand requires the named individual to pay outstanding dues as determined by SEBI’s adjudication process.
Key Points
- Recovery Certificate No. RC9011 of 2026 has been issued by SEBI
- Covers two adjudication proceedings: A.P. Nos. 15166 and 15167
- Named defaulter: Kusum Devi Agarwal (PAN: AFBPA5176P)
- Relates to the Illiquid Stock Options segment enforcement action
- This is a formal Notice of Demand for recovery of adjudicated dues
Regulatory Changes
No new regulatory changes. This document is an enforcement/recovery action under existing SEBI (Recovery of Amounts) Rules.
Compliance Requirements
- Kusum Devi Agarwal is required to pay the outstanding dues as specified in the recovery certificate
- Failure to comply may result in further enforcement actions including attachment of assets
Important Dates
- Certificate Issue Date: February 20, 2026
- Demand due as per the terms specified in the recovery certificate
Impact Assessment
This circular has no broader market or systemic impact. It is an individual enforcement action targeting a specific person found to have participated in the Illiquid Stock Options segment irregularities. The Illiquid Stock Options matter has been one of SEBI’s long-running enforcement campaigns against manipulative trading in the BSE options segment.
Impact Justification
Individual-level recovery certificate against a specific entity; no market-wide rule change or broad regulatory impact. Relevant only to the named party.