Description
SEBI announces completion of Recovery Certificate No. 8978 of 2025 dated December 19, 2025, issued against defaulter Megha Nibhwani (PAN: AXPPN4024M) in the matter of ISO at BSE.
Summary
SEBI has announced the completion of Recovery Certificate No. 8978 of 2025, which was originally issued on December 19, 2025, against defaulter Megha Nibhwani (PAN: AXPPN4024M) in the matter of ISO at BSE. The completion of this recovery certificate indicates that the recovery proceedings initiated by SEBI have been concluded.
Key Points
- Recovery Certificate No. 8978 of 2025 has been completed/closed
- Certificate was originally dated December 19, 2025
- Defaulter: Megha Nibhwani, PAN: AXPPN4024M
- Matter pertains to ISO (Investor Services/Securities Operations) at BSE
- Completion order published February 20, 2026
Regulatory Changes
No new regulatory changes. This is an enforcement/recovery action concluding an existing proceeding under SEBI’s recovery certificate mechanism.
Compliance Requirements
This order applies specifically to Megha Nibhwani. The completion of the recovery certificate signifies the conclusion of the enforcement action; no further compliance obligations arise for the general market from this order.
Important Dates
- Recovery Certificate issued: December 19, 2025
- Completion order published: February 20, 2026
Impact Assessment
This is an individual enforcement matter with no broader market or systemic impact. The completion of the recovery certificate resolves the specific dues or obligations owed by the named defaulter to SEBI/BSE. Market participants and investors are not directly affected by this order.
Impact Justification
Individual recovery enforcement action against a single defaulter; completion of certificate indicates resolution of specific dues. Limited broader market impact.